A “Prenup” or Prenuptial Agreement, may not be the most fun topic within the planning of a wedding but from some couples, it can be a good idea. We get questions from time to time regarding prenups, we went ahead and asked Linda Ravdin, a divorce and family law lawyer we often refer to clients.
Below are some of our FAQs, and here are her answers:
Q: Who should get a prenup?
A: Someone who is bringing substantial assets into the marriage, or who expects a substantial inheritance in the future. Someone entering a mid or late-life marriage. Someone who has children or grandchildren from a prior marriage or relationship. Same-sex couples. Someone who has been through one expensive divorce and would like to avoid a repeat if the marriage doesn’t work out.
Q: Are prenups expensive?
A: A good one is. But, for someone who has substantial assets and income to protect, it is money well spent.
Q: How should you bring up the topic of a pre-nup with your future spouse?
A: Something like this: I am going to want a premarital agreement. I would like us to agree in advance about our financial obligations to each other when one of us dies or if our marriage does not work out. I have some ideas about what I want in it and I would like to hear your views.
Q: How long does the process take?
A: It varies a lot. Ideally, the couple would give themselves six months to allow time for them to have discussions about what they each want and then give the lawyers enough time to help them conclude the negotiations and do the drafting. Unfortunately, too many people wait til the last minute and the negotiations and drafting end up being compressed into a month or two.
Linda Ravdin is part of Pasternak & Fields Law Offices located in Bethesda.