Did you know that in Colonial America, prenups were used primarily to protect widows who remarried? It’s true, prenuptial agreements were designed primarily to protect a woman’s property in a patriarchal economy. Without such an agreement, her assets could automatically be given over to her spouse in the case of her death, and remarriage on the part of her spouse could mean that her children might not get a nickel!
Today’s stereotypical image of the prenup is one of protection from gold diggers of either gender. But there are important practical reasons many couples would consider having this legally binding document. It’s certainly something that should be discussed well before wedding invitations are sent out.
A prenup does the following:
- In a second marriage, a prenup protects assets intended for children from a previous marriage
- Keep specific family assets separate from your marriage assets, such as family real estate or trust funds
- Protect your share in a family business (this can also protect your future spouse from financial obligation or debt)
- Separate other specific family property such as antiques or jewelry from marital property
- Care of elderly parents or other relatives
Talking about a prenup can be difficult at best and off-putting or incendiary at worst. But it’s important for any couple to talk directly and honestly about sharing and control of assets. Here are some basic guidelines for doing so:
- Understand that a prenup isn’t necessarily about trust or faith, but protection of familial assets.
- Get separate legal representation for review and sign it 6-8 weeks before the wedding
- Keep your prenup updated for new children or moving to a new state
- Post-nuptials have the same legal authority if there isn’t time for a prenup
Though not as romantic as choosing a wedding gown or browsing wedding invitation websites, working through financial issues will help you enjoy your wedding planning much more, and prepare you for married life.
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