What Are the 4 Biggest Mistakes in Prenuptial Agreements?
While prenuptial agreements are a great tool in preparing for marriage, many couples make significant mistakes in how and when they create them. Some of the biggest prenup mistakes include waiting until the last minute and allowing negotiations to become adversarial. Starting early and keeping discussions collaborative gives you more time to thoughtfully address financial issues before your wedding.
Mistake # 1 – Waiting Until the Last Minute
One of the biggest prenuptial agreement mistakes is waiting until a few weeks before your wedding to start working on your prenuptial agreement. In California, you need at least seven days to review the document before signing it. That requirement alone makes a two-week timeline difficult.
More importantly, a prenup addresses major financial questions. You need time to consider how support would be handled if you separate, how income will be treated during the marriage, and how assets will be treated during marriage. You also need to decide what remains separate property and what becomes community property.
For these reasons, I recommend starting at least two months before your wedding. Six months provides an even better time-frame. Starting early gives you room to discuss important issues without taking attention away from your wedding plans.
Mistake # 2 – Making the Process Too Adversarial
Another mistake is allowing prenup negotiations to become adversarial. Your attorney needs to advocate for your interests, but the process does not need to turn into a battle between you and your future spouse.
Prenup negotiations should address sensitive subjects, and emotions can rise when you discuss money, property, and support. A collaborative approach to the negotiations gives both you and your future spouse an opportunity to work through these issues without turning the process into something contentious.
An overly aggressive negotiation can even damage the relationship before the wedding takes place. Keeping the discussion respectful and focused on reaching an agreement will protect the relationship while addressing important financial concerns.
Mistake # 3 – Overlooking Estate Planning in a 2nd or 3rd Marriage
If you are entering a second or third marriage, especially when you have children from a previous relationship. Part of the prenup conversations should include estate planning.
You will want certain separate properties, including increases in value, to remain separate. You need to think about how your income and assets will be treated during the new marriage.
If you do not already have estate planning documents, consider setting them up around the same time as your prenup. Your estate planning documents should work consistently with the way your prenup treats your assets.
Mistake # 4 – Including Adult Children in the Prenup Negotiations
If you have adult children, you might feel that they should participate in the prenup process. I do not recommend bringing children into negotiations. Their interests in protecting a future inheritance can conflict with your goals for your new marriage.
FAQs
How early should I start a prenup?
I recommend starting at least two months before the wedding. Six months provides a more comfortable time-frame.
How much time is required to review a California prenup before signing?
California requires at least seven days to review the prenup before signing.
Should adult children participate in prenup negotiations?
I do not recommend involving adult children in the negotiations because their inheritance interests can conflict with your goals for the marriage.
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