Chances are, you have probably seen the viral kiss cam clip from the Coldplay Concert. At the concert, the kiss cam focuses on what appears to be a couple holding each other. Once the couple notices the camera is focused on them, the man drops to the ground out of view, while the woman turns around in embarrassment. The internet was quick to find out who these people were and why they acted in such a way. As it turns out, the couple is not a couple at all, in fact, they are both married to different people. With media attention around this incident, perhaps now is the perfect time to discuss prenuptial agreements. Whether you are engaged to be married or plan to get married sometime in the future, it is important to understand what a prenuptial agreement is, as well as dispel some of the myths around it.

A prenuptial agreement, commonly referred to as a prenup, outlines the financial understanding between two individuals during marriage and in a divorce. Specifically, it creates instructions for how assets and debts should be divided, and spousal support. In terms of assets, pre-marital assets are generally protected from a divorce, it is only the assets gained while married that can be contested. Therefore, when making a prenup, it is vital to list out all of both parties’ assets to codify what is pre-marriage to avoid any potential legal challenges. Also, a prenup should outline how debts will be handled during the marriage, and divided in the event of a divorce. This is especially important considering the burden of student loan debt, and increasing consumer debt. Prenups can also specify if one party will be entitled to spousal support, also known as alimony, and outline for how much and for how long. If any of these financial concerns are not addressed in a prenup they will be determined by the family court in the event of a divorce. Thus, it is mutually beneficial to discuss with your spouse guidelines in case of divorce, which can result in a long, costly, and emotionally stressful court process in the future.

There is a common misconception that getting a prenup is a pathway to divorce. However, there are many positive aspects of a prenup that can strengthen a marriage. A couple that can have the uncomfortable and complex conversations required for a prenup will be better equipped to have similar, but necessary, conversations during marriage. Moreover, the upfront financial disclosure that is required in creating a prenup prevents possible surprises during the marriage. Indeed, a prenup provides a couple with an insurance policy in the case of the marriage failing while also putting forward the opportunity to discuss expectations for the marriage.

If you have any questions about planning for your future, whether regarding prenuptial agreements or estate planning, please contact us. An experienced attorney will be happy to assist.