Congrats on your upcoming wedding! Now, let’s talk prenups. About 50% of millennials are in favor of signing a prenup. Prenups are about planning for your marriage (not just the big day). A prenup is there to safeguard your assets, spark important conversations, and create a solid foundation for a happy, secure future together. Not sure if you need one? We’ve got you covered.
Do you need to agree to a prenup if one is presented to you?
Short answer: nope! A prenup isn’t a legal requirement. BUT…should you consider it? Well, our vote is “yes.” Think of it like insurance—you don’t get it because you expect something to go wrong but because it’s smart to protect what matters most. (Travel insurance doesn’t equal a bad trip).
A prenup is just a way to have clear expectations and, if needed, to make things smoother if life throws a curveball. Plus, it’s a mature way to show you’re both ready to tackle the big stuff together with honesty and open communication.
For a prenup to stick, both partners need to agree voluntarily (no duress or coercion!). So, if one of you is a bit hesitant, it’s the perfect opportunity to chat openly about any concerns and make sure you’re both on the same page.
Things to consider before you say, “I do” (to a prenup):
- Your financial situation: Take stock of your assets, debts, and financial goals. You’ll need to have these items sorted out anyway for financial disclosure, which is a requirement of a valid and enforceable prenup in virtually all states.
- Your partner’s feelings: Have an honest chat about how they feel about this idea, and consider their concerns. Listen to truly understand, don’t just wait your turn to speak.
- Your relationship dynamics: Evaluate your communication, trust, and conflict resolution skills.
- Your long-term goals: Think about your future plans, including children, business ventures, or inheritance.
Why you might consider a prenup
Contrary to popular belief, prenups aren’t only used by the rich and famous. Here’s why everyday couples like you might opt for one:
- Significant assets: Got property, investments, or substantial wealth? Protecting it likely makes sense.
- Business owners: If you’re an entrepreneur or run a business, it’s a way to safeguard your business interests.
- Second marriages: If this isn’t your first rodeo, especially with children from a previous relationship, a prenup can provide clarity and ensure your children’s future inheritance is protected.
- Significant debt: If one partner has a lot of debt, it can help protect the other from taking on liability. For example, student loans, business loans, or credit card debt.
- Wealth Disparity: Does one partner have way more assets than the other? A prenup can help equalize any power imbalance in the relationship by providing for a lump sum payment from the wealthier spouse to the less wealthy spouse in case of divorce.
- Relationship building: There are emotional benefits, too–these conversations can help strengthen your bond, align values, and clarify expectations.
Is a prenup mandated by law?
Nope, you’re not required to sign a prenup before getting married. But just know if you don’t, your state’s default divorce laws will handle the division of assets if things don’t work out. Having a prenup simply gives you more control over how things are handled.
What happens if you choose not to have a prenup? Well, it depends on what state you live in! States fall into one of two categories: community property or equitable distribution. In community property states, everything you acquire during the marriage is seen as joint property, so it’s typically split 50/50 if you divorce. On the other hand, in equitable distribution states, the division is based on what’s fair—not necessarily equal—taking into account things like each partner’s financial situation and contributions to the marriage. Don’t want the court deciding what happens to all your assets? Time to get started on that prenup.
Is a signature required on a prenup?
Yes! For a prenup to be valid, both you and your partner need to sign on the dotted line. Without it, the agreement won’t hold up in court.
Here is what’s needed for a valid prenup:
- Voluntary signature: Both parties need to sign it willingly—no pressure or coercion.
- Informed decision: Both of you should understand what you’re signing and its implications.
- Full financial disclosure: Lay all the cards on the table—both of you need to be upfront about all your finances.
- Fairness: The agreement can’t be unconscionable. Most courts won’t enforce a prenup if it’s unreasonable or one-sided, so make sure it’s fair and balanced.
Other things to keep in mind:
- Get independent legal advice: Most states recommend that each party at least have the opportunity to hire a lawyer if they want one, as it adds an extra layer of protection and legitimacy. And there are a handful of states (namely, Alabama, South Carolina, West Virginia, and in some cases, New York and California) where a lawyer is required, so make sure you check!
- Witness and Notarize it: Some states require witnesses and notarization in order for a prenup to be valid. This means signing your prenup in front of witnesses and a notary public.
- Timing is key: Sign the prenup well in advance of the wedding—last-minute prenups can raise red flags in court.
- Know your state laws: States’ requirements vary, so check your state prenup laws to make sure you’re not missing anything!
Bottom line
While a prenup isn’t a legal requirement for marriage in the United States, it can be a smart way to plan for your future together, both practically and financially. After all, marriage is about partnership, and being open about your finances is just one step in building a strong foundation for the exciting journey ahead.
Jess Perillo is a legal intern at HelloPrenup, and is currently a third-year student at Suffolk University Law School. She is an Article Editor on Suffolk Law Review, and is especially interested in legal research and writing. Jess is passionate about exploring the ways technology can help close the justice gap and make legal services more accessible.
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