NEW YORK (CBSNewYork) — Wedding season is here and millennials are taking prenups more seriously than any other generation, according to a report earlier this year.
Matrimonial lawyer and author Tanya Helfand stopped by to talk more about who should get a prenup and what to discuss with your partner.
First, Helfand says prenups are good for people with assets or significant income prior to a marriage, or if the individual has kids that they would like to protect and ensure receipt of inheritance.
Prenups should not be left as part of the to-do list after the wedding date and venue are chosen. A prenup should be drafted and negotiated well before paying for the wedding, if possible, so there is no duress or last-minute rushing.
Having a cooperative, clear understanding about money during a marriage and if a divorce occurs is intelligent and makes for a stronger relationship. Halfand says the idea that prenups aren’t romantic is “hogwash.” Many marriages end because of money disputes and lack of cooperation or understanding in this area.
For a prenup to be valid, both parties must provide full financial disclosure assets, debt and income. Acting reasonably typically makes the agreement more valid.
Also, having a lawyer advising on the law and fairness makes an agreement stronger. If one person is left destitute after a prenup, it may not be upheld.