5 Things A Woman Should Keep in Mind for in a Prenup

What is a fair prenup and why is it so important? A prenuptial contract, commonly known as a prenup, is a written contract you and your spouse enter into before getting legally married. It details exactly what happens to finances and assets during your marriage and, of course, in the event of divorce.

One of the most important advantages of a prenup is that it forces couples to have a financial discussion before the marriage. It can save both the parties from carrying on each other’s financial obligations post marriage; it allows you to avoid becoming responsible for your spouse’s debts.Contrary to the popular belief that a prenup breeds mistrust, it promotes honesty and transparency between partners. If you’re still on the fence about getting the contract drafted, this ought to be a good enough reason to take the plunge.

# Cast away the sentimentality

It is essential to keep your emotions aside while drafting a prenup. Since marriages are believed to be sacred, it is difficult to weigh them and put them in contractual terms. But you have to look past that. When it comes to the future nothing is ever guaranteed, but having a valid and fair prenuptial agreement in place before you take your vows can give you both the peace of mind you need to embark on your new life together.

The most important prenuptial agreement advice you’ll get is not ‘playing nice’ while drafting the contract. Don’t make decisions based on what your partner or others might think. Look at it this way – it’s best to sort out the nitty-gritty of finance before you get married. Money and marriage are best organized first for a solid future. You can then focus on the emotional aspect of the relationship wholeheartedly.

# Full disclosure is a must – prenuptial agreement advice

The agreement has to be fair and the parties have to fully disclose their assets. Hiding assets destroys the purpose of having a peaceful prenup. If your common prenuptial agreement clauses are going to create more problems in the event of divorce, then you might as well not have it drafted. The aim is to minimize stress/hassle, not to provide another point of contention.

Full disclosure includes assets, debts, and income sources, (more on all these coming up ahead). If you’ve got any family heirlooms to your name, you’re obliged to list them too. A fair prenuptial agreement is not possible without honesty from both parties. In fact, concealment in the prenup asset list can go against you if the agreement is ever contended in court. Our advice is to be an open book when it comes to contracts like these.

# Appoint an experienced lawyer

It is crucial and important to work with an experienced lawyer who is knowledgeable in matrimonial law and a financial adviser to make sure that all assets and liabilities are included accurately. But while retaining expert legal advice when drafting a prenuptial agreement is critical, you need to do some prep work before you bring the lawyers into the process. When it is time to bring in legal counsel, both parties have to have the essential terms of the contract worked out beforehand.

Yes, you’ll have to put in some work for the prenup too and this prep will make you ask is marriage even worth it?. Needless to say, you and your partner need to hire separate legal counsel for the contract. Sharing is not caring when it comes to a prenup. An equally important thumb rule is listening to your lawyer. They’re adept at their job and have seen more marriages and agreements than you have – pay heed to their instructions. The answer to what should a woman ask for in a prenup lies with her lawyer.

# What should a woman ask for in a prenup? Safeguard the rights of your children

Children from previous marriages are usually a part of the common prenuptial agreement clauses. Their financial safety is your priority and you can safeguard the same by delineating inheritance in your contract. You can state if any property belongs to the children and which of your assets are to their name. In the event of your passing (or separation), your spouse cannot lay claim to these assets. It is best to be as clear as possible when you state these terms.

It is not very efficient to include clauses on child custody since the courts make that decision when a couple divorces. At the time of separation, the courts may deliver a verdict of joint or sole custody after evaluating the parents. So, what should a prenuptial agreement include besides the financial security of the children? Many people choose to include pets in prenups these days since concepts like ‘dog-parenting’ are on the rise.

# Alimony is an important factor

It might seem cynical to include a clause on alimony before you’re even married but this too is a protective measure. Consider one scenario – you are a stay-at-home parent. If you intend to become a homemaker at some point in your marriage and look after the children, you are foregoing career advancement and financial autonomy. It becomes vital to guard your well-being. You could include a clause stating the alimony in the event of you being a stay-at-home mom.

Another example can be cases of infidelity or addiction. It is always beneficial to have provisional clauses for every possible situation. If you find yourself thinking about what should a woman ask for in a prenup, be sure to remember alimony clauses. Because you might find yourself on the giving end of alimony. Because the same is applicable if your husband plans on being a stay-at-home dad.