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Thinking about Getting a Prenup? (Part 2 of 3)

by Norris Law Group on July 1, 2014

Thinking about Getting a Prenup? (Part 2 of 3)According to an October 2013 report in Business Insider, many couples are waiting longer and longer to get married. This means that many couples may have accumulated some individual assets of their own, and if they are thinking about marriage, they may also wonder whether a prenuptial agreement would be a good idea. But each person in the relationship may be a little afraid to bring up the subject, lest the other think that mistrust has crept into the relationship at some point along the way.

LearnVest, a website dedicated to personal financial planning, financial planner Ellen Derrick and attorney Ann-Margaret Carrozza go over 9 Things You’re Embarrassed to Ask about Prenups in a 2013 article. This edition of our blog covers the second group of three. The previous installment covers the first three, and the next will cover the last three.

4. “How much will a prenup cost?” Attorneys typically charge by the hour for writing a prenuptial agreement, as they do for the drafting of any contract. The cost can vary, based on the length of the prenup, requirements of the state in which you live, and the level of complication of the finances that are discussed in the prenup.

5. “Can I skip the lawyer fees and D.I.Y. my prenup?” Carrozza says, “There are some legal documents that people can do without an attorney…But [a prenup] is not one of them.” This is primarily because unless a lawyer writes your prenup, it is almost impossible to enforce. You cannot ask your fiancé to sign something and call it a prenup, nor can you ask this of you fiancé. Carrozza adds, “That’s one of the classic ways to get out of a prenup—by claiming you did not have an opportunity to consult with your own attorney.”

6. “What’s usually included in a prenup?” You and your fiancé can determine more or less whatever you’d like to be included your prenup—financial expectations, child care plans, pets, etc. But a prenup can also help you hash through financial decisions for a happy marriage, like how to divide living expenses. Some couples choose to include “special provisions,” like expectations for weight gain (or lack thereof) and fidelity. But child custody should not be included, as it cannot be upheld. Issues of child custody must be decided by a judge in the best interests of the children based on the family situation at the time.

Attorney Graham Norris and his associates at the Norris Law Group serve the residents of Utah County and throughout Utah in the areas of divorce and family law. Contact them today at 801-932-1238 or online for a free consultation.

 

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