Six Things to Keep in Mind Before Signing a Prenup

If you are engaged to be married, you may be considering entering into a prenuptial agreement or “prenup” with your spouse-to-be. Although popular recognition of prenuptial agreements has grown thanks to celebrity divorces, prenups are still relatively uncommon in everyday marriages. If you or your soon-to-be spouse are pursuing a prenuptial agreement for your upcoming marriage, here are six things to keep in mind as you move forward:

1. Remember the purpose. Perhaps this is opinion, but the purpose of a prenuptial agreement is more about simplifying and reducing the costs of a potential divorce, and less about defining the marriage relationship or dictating the behavior of either spouse. Keeping this in mind should help you determine which terms are necessary to include and which terms are not.
2. Protect what you have now. People often enter into prenuptial agreements to protect the separate assets they are bringing into the marriage. If that applies to you, make sure to specify each separate asset in your prenup, and consider contingencies to make sure you keep those assets protected throughout the marriage. For example, you should consider what happens when a separate asset is merged into or commingled with a marital asset.
3. Protect what you acquire with your spouse. Decide how marital assets are going to be divided. Will they be split 50/50? Are there certain types of property that, despite being acquired during the marriage, will remain separate?
4. Don’t sell yourself out of your future. Know what you don’t know. What you don’t know is what sacrifices you are going to make in your marriage for your spouse and/or your children. What you don’t know is whether your job will always be in demand, or whether you will make a major career change 10 years into the marriage. Selling yourself out of spousal support now may put you at financial risk at a later time. It may even define the choices you make throughout your marriage.
5. Don’t spend much time on custody and visitation. You can try to come to an agreement on custody and visitation of future children, but it is unlikely that your prenuptial agreement will play a major role in your custody and visitation battle 10 years down the road. The reason for this is that Virginia courts consider a variety of factors in determining the best interests of the children, and it is unlikely that your prenuptial agreement will carry much weight in that determination.
6. Know your bottom line. Finally, if you are unable to reach an agreement with your soon-to-be spouse, know what your bottom line is, and when you will need to walk away.

The divorce lawyers at Livesay & Myers, P.C. are experienced in the drafting, negotiation and review of prenuptial agreements. From offices in Fairfax, Fredericksburg and Manassas, we represent clients across Northern Virginia. Contact us to schedule a consultation today.