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Message
How does a basic prenuptial agreement work?
Posted on 4/25/16 at 3:31 pm
Posted on 4/25/16 at 3:31 pm
I'm going to be proposing soon. I know little to noting about prenups, and I'm sure each one is different. I know I would need to discuss with a lawyer, but I'm just looking for some basic information on how they work what to expect?
I obviously don't question if we will work out, but I'm sure that's how everyone feels. Don't see the harm in a prenup, and covering all my bases. I don't have a lot of money - net worth is about 50k (but I am young- 25). But the wife to be isn't bringing hardly anything financially to the marriage.
Is it worth even looking into? My basic understanding is a prenup would mean upon divorce we both maintain the assets we brought in, and split 50/50 everything obtained subsequent to marriage?
ETA: Would net worth be what matters or strictly assets?
I obviously don't question if we will work out, but I'm sure that's how everyone feels. Don't see the harm in a prenup, and covering all my bases. I don't have a lot of money - net worth is about 50k (but I am young- 25). But the wife to be isn't bringing hardly anything financially to the marriage.
Is it worth even looking into? My basic understanding is a prenup would mean upon divorce we both maintain the assets we brought in, and split 50/50 everything obtained subsequent to marriage?
ETA: Would net worth be what matters or strictly assets?
This post was edited on 4/25/16 at 3:37 pm
17
Posted on 4/25/16 at 3:38 pm to Tigerfan56
pics will help the OT assess your need for a pre-nup
Posted on 4/25/16 at 3:39 pm to specchaser
not the OT, I want real answers/insight 
Posted on 4/25/16 at 3:42 pm to Tigerfan56
With only 50k net worth, I wouldn't think it would be worth it.
Posted on 4/25/16 at 3:42 pm to Tigerfan56
I honestly don't know, but would LOVE for you to report back re: the presenting of the final document.
Posted on 4/25/16 at 3:49 pm to Tigerfan56
What state are you in?
How are you arriving at the # for your net worth? Chances are what you have is mostly separate property anyway (assuming car, maybe some cash in the bank, perhaps inheritance in a mineral right, etc...) and only thing that could be subject to community property regime (if in LA) would be if those assets are converted to community property and/or interest or gains on them.
How are you arriving at the # for your net worth? Chances are what you have is mostly separate property anyway (assuming car, maybe some cash in the bank, perhaps inheritance in a mineral right, etc...) and only thing that could be subject to community property regime (if in LA) would be if those assets are converted to community property and/or interest or gains on them.
This post was edited on 4/25/16 at 3:51 pm
Posted on 4/25/16 at 3:52 pm to BlackenedOut
quote:
What state are you in?
Illinois
quote:
How are you arriving at the # for your net worth?
15k in retirement accounts
10k vehicle
18k house (91k house. 73k mortgage)
5k cash
Would all of the above remain "separate"? It might be a dumb question but I don't know anything about divorce settlements.
Posted on 4/25/16 at 3:53 pm to Tigerfan56
I wouldn't think 25k (her "half") would be worth the enivetible fight that would ensue. Better advice would be to just make sure you're on the same page money-wise before the marriage.
Posted on 4/25/16 at 3:54 pm to Tigerfan56
Think 50k is worth bringing in an attorney/having to discuss it with the SO?
Even if you get a pre-nup you have to be careful not to co-mingle those assets. I'd also not pay her student loan debt (if she has any).
*not legal advice
Even if you get a pre-nup you have to be careful not to co-mingle those assets. I'd also not pay her student loan debt (if she has any).
*not legal advice
Posted on 4/25/16 at 3:55 pm to Ric Flair
quote:
I wouldn't think 25k (her "half") would be worth the enivetible fight that would ensue.
That's what I thought a prenup did- prevented any fight because it's a contract in writing and it's easy to determine who is entitled to what.
Posted on 4/25/16 at 3:57 pm to Tigerfan56
When I said fight, I meant your fiancée being pissed off that you brought a prenup into the discussion. Not referring to a legal fight.
Posted on 4/25/16 at 3:57 pm to TheOcean
quote:
Think 50k is worth bringing in an attorney/having to discuss it with the SO?
That's what I'm trying to gauge. It seems like a lot to me, and the SO I don't think would be opposed.
quote:
I'd also not pay her student loan debt (if she has any).
Can you further explain your reasoning for this? She has about 5k in loan debt
Posted on 4/25/16 at 3:58 pm to Ric Flair
quote:
When I said fight, I meant your fiancée being pissed off that you brought a prenup into the discussion. Not referring to a legal fight
Oh I understand now. I've mentioned to her before that I don't understand why more people don't get prenups and that it seems like a logical thing to do and something I would want to look into. Shouldn't be a big fight, but who knows.
Posted on 4/25/16 at 3:59 pm to Tigerfan56
I have no idea how much it would cost to have a decent attorney help you draft a pre-nup. Not to mention depending on the state she might have to have her own attorney.
If 50k is a lot to you then start pricing out some attorneys. And what has your SO said about it?
And 5k in loan debt doesn't seem like a big issue. Sometimes you can get yourself on the hook in a divorce for your exes student loan debt if you helped pay down the debt.
*not legal advice
If 50k is a lot to you then start pricing out some attorneys. And what has your SO said about it?
And 5k in loan debt doesn't seem like a big issue. Sometimes you can get yourself on the hook in a divorce for your exes student loan debt if you helped pay down the debt.
*not legal advice
This post was edited on 4/25/16 at 4:03 pm
Posted on 4/25/16 at 4:05 pm to Tigerfan56
Not sure of Illinois law.
However, re the house, is your fiance/spouse going to work? Will her salary be placed in a joint account? Will that joint account be used to pay things like the mortgage, insurance, repairs on said house?
If yes, probably not going to be able to carve that out but certainly possible. However, there might be some set off owed to spouse.
Ask yourself this: If you put a pre nup in place and the day before your wedding, she wins $5 million in the state lotto, would you be cool with you having no claim to that if things went south 6 months post wedding?
Re separate question.
A car can remain relatively separate (assuming it is paid in full). A bank account with cash it can be trickier. If the cash in that account is increased by deposits that could be from spouse, might be harder to argue it remained separate.
As for a retirement account, states will have different rules about interest that accrues during the marriage and any future contributions to the principal which are made during marriage. Best to consult attorney, which is probably going to eat up a good chunk of your 5K in cash. At least to set up a good pre nup (from your perspective).
However, re the house, is your fiance/spouse going to work? Will her salary be placed in a joint account? Will that joint account be used to pay things like the mortgage, insurance, repairs on said house?
If yes, probably not going to be able to carve that out but certainly possible. However, there might be some set off owed to spouse.
Ask yourself this: If you put a pre nup in place and the day before your wedding, she wins $5 million in the state lotto, would you be cool with you having no claim to that if things went south 6 months post wedding?
Re separate question.
A car can remain relatively separate (assuming it is paid in full). A bank account with cash it can be trickier. If the cash in that account is increased by deposits that could be from spouse, might be harder to argue it remained separate.
As for a retirement account, states will have different rules about interest that accrues during the marriage and any future contributions to the principal which are made during marriage. Best to consult attorney, which is probably going to eat up a good chunk of your 5K in cash. At least to set up a good pre nup (from your perspective).
This post was edited on 4/25/16 at 4:09 pm
Posted on 4/25/16 at 4:06 pm to Tigerfan56
I don't think 50k net worth and 5 k student loans are worth worrying about. Now if you had a 500k net worth and she had 150k in student loans, I would change my opinion.
Posted on 4/25/16 at 4:49 pm to Tigerfan56
quote:
How does a basic prenuptial agreement work?
With divorce
Posted on 4/25/16 at 4:58 pm to DaBeerz
Even though it may not seem like a big deal to you, your significant other would be different than most women if she wouldn't turn it into a fight when you present her with this.
Posted on 4/25/16 at 4:59 pm to Tigerfan56
quote:
But the wife to be isn't bringing hardly anything financially to the marriage.
You're doing it wrong.
If you had done it right, you would prefer not to have a prenup.
Posted on 4/25/16 at 5:55 pm to Tigerfan56
I'm curious. How much is the wedding going to cost, and is your future father in law footing the bill for that?
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