A postnuptial agreement (a.k.a. postnup) is a contract signed between two spouses who plan to remain married. The postnup generally clarifies financial matters, protects assets, and may also address spousal support. People tend to enter into postnups to reconcile the marriage, to clarify new financial circumstances, or simply get on the same page as their spouse. Hiring an attorney is an important step in the postnup process, and talking to your lawyer is crucial! It’s all about prepping, being honest, and some self-reflection. Let’s get into everything you need to know about talking to a lawyer about postnups.
Preparing for your consultation
Once you have decided on an attorney to speak with, you should begin preparing for your first consultation. You want to keep things as streamlined as possible because postnup lawyers tend to charge by the hour. The more fluff time in the consultation, the more it will cost you. Here’s what to do pre-consultation:
Self-reflection and personal goal-setting
You want to thoroughly understand what you want out of the postnup. That is likely going to be one of the first questions that your postnup lawyer will ask you. You don’t want to waste time deep reflecting on your lawyer’s hourly billing clock. For example, here are some goals that other people might have for their postnup: Asset protection, protection against a spouse’s debt, protecting a future inheritance, seeking/waiving spousal support, using a postnup to create a well-rounded estate plan, or all of the above!
Gathering financial information
The next step is to get your finances in order. A near-second question that your postnup attorney is going to ask is about your financial situation. What does your financial portfolio look like? You should know things like:
- The overall value of your entire estate
- Your income from the past three years (you can use your paystubs and/or tax returns)
- A list of all of the types of assets you have and their respective values (retirement funds, businesses, bank accounts, real estate—the whole shebang!)
- A list of all of your debt and the balance on each
- Any potential future inheritances from family members and their approximate amount
If you’re able, organizing all of the documentation that is connected to each asset, debt, or income will help you as well.
Gain a general understanding of your state laws
Do a quick search on the internet about what your state requires in terms of postnups. This may help you anticipate potential questions about the postnup process and whether it’s appropriate for your situation.
Create a list of questions
By this point, you’ve likely already conjured up some questions by organizing your finances and getting a general idea of the law. You’ll want to jot down a list of all of your questions so your mind doesn’t go blank in the meeting. If you’re stuck on what to ask, here are some ideas:
- How long will the postnup process take?
- How much money can I expect to spend?
- What do other people with similar finances to me typically do?
- How should I value my [insert asset type or business here]?
During the consultation
Whether your call is over Zoom, phone, or in-person, there are some things to keep in mind during your consultation:
Be completely honest
Now is not the time to be shy. In order to create the best outcome, you’ll need to be 100% transparent with your lawyer. No skimping on the financial details, hiding certain details about your marital relationship, or lying about your reason for getting a postnup. Yes, all of these things matter and can work against you later if you aren’t honest now.
Clearly articulate your goals
You should have done some self-reflection prior to the meeting to develop your postnup goals. Now is the time to articulate those goals to your lawyer. Be specific, provide examples, and do whatever it takes for you to get your intent through to your lawyer.
Ask your questions
If you created a list of questions to ask your lawyer, take them out and slap them on the table. Maybe even bring a pen to scratch off each question as you go along. New questions may have arisen, and that’s great—add those to the list.
Discuss potential challenges
If you have any issues you want to address, bring them up now. Even if it’s an area of conflict with your spouse, nothing is off limits with your postnup attorney. In fact, the more info they have, the better. Is your spouse combative about the postnup? Are they likely to negotiate hard? Was there infidelity or other issues that led to the postnup? All of these things should be brought up.
Post-consultation
After your meeting, take a deep breath and give yourself an internal high-five. You can relax knowing that the majority of the work is in your lawyer’s hands now. Your next steps may include deciding if the postnup is the right choice at all, starting the drafting process (your lawyer does this), or speaking with your spouse to determine the next steps.
Another key point to remember is that if you have legal representation, your spouse should, too. In some states, it might be technically “legal” for your spouse not to have a lawyer themselves, but it is generally highly recommended that they do anyway. This is to increase the enforceability of the agreement and fight any claims that the spouse without an attorney didn’t understand or willingly sign the agreement. And postnups can be rife with coercion, so this is a good idea (having both spouses have their own lawyers).
The bottom line on talking to a lawyer about a postnup
At the end of the day, talking to your lawyer about a postnup is all about preparation, honesty, self-reflection, and collaboration with your spouse. If you and your spouse are ready to jump into the postnup process, then you can get started on your journey to financial security and marital harmony! And remember postnups should provide clarity and protection for both spouses. Happy planning!
Nicole Sheehey is the Head of Legal Content at HelloPrenup, and an Illinois licensed attorney. She has a wealth of knowledge and experience when it comes to prenuptial agreements. Nicole has Juris Doctor from John Marshall Law School. She has a deep understanding of the legal and financial implications of prenuptial agreements, and enjoys writing and collaborating with other attorneys on the nuances of the law. Nicole is passionate about helping couples locate the information they need when it comes to prenuptial agreements. You can reach Nicole here: Nicole@Helloprenup.com
0 Comments