We’ve all read about the celebrities and millionaire socialites who’ve arranged a prenup before their wedding and you might’ve even heard about a ‘friend of a friend’ who had to sign one before marrying her fiancé, but with the popularity of prenups rising, its more and more likely that someone you know, or even you might be requested to sign one in the future.
So, before you have a minor meltdown, we’ve answered the five questions you’ve always been too embarrassed to ask when it comes to the big ‘P’ – prenups.
Let’s start at the very beginning; a prenup is short for ‘prenuptial agreement’ – aka an agreement that is made before you get married. The reason people arrange a prenup is so that if they get divorced, there’s already an agreement as to who gets what; it can also make the divorce process go much quicker and smoother. If there’s no prenup, generally the court will split the assets 50/50.
Just because he’s asked you to sign a prenup, it doesn’t necessarily mean he doesn’t trust you; it can mean he is trying to protect you. Prenups can ensure any money you bring into the marriage stays yours and the same for him. For example, if you’re working full-time and paying all the bills while your hubby completes his university degrees and then ends up divorcing you as soon as he finishes, and you’ve basically paid for him to get his education; a prenup could protect you and ensure you both got a fair outcome.
Prenups don’t come cheap, that’s for sure and in Australia you can expect to have one reached for between $5,000 and $10,000; however, if it’s a complex agreement involving companies and trusts, you can expect to fork out up to $20,000
A prenup doesn’t just have to be about money, it can also include things like who gets to keep your furry child (aka your pets) in the event of a breakup! You can also have certain clauses that penalise your partner if he cheats on you, or even if he gains weight! Jessica Biel famously included a cheating clause in her prenup with hubby Justin Timberlake.
Generally the only way to change a prenup after you’ve signed it, is if both parties agree to the changes.
If you have more in-depth questions about your own situation, please consult an expert.
Main image from @OfficialKyga
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