An Effective Prenuptial Agreement for Professional Women
Oct. 15, 2020
Being the primary breadwinner for a family can be very fulfilling, especially for women who have worked hard on their careers. However, many Kentucky women in this position tend to overlook the importance of protecting their income, assets, and everything else that comes along with this position. Signing a prenuptial agreement is an excellent way for the average woman to secure her financial future regardless of what happens to her marriage.
Earning a higher wage is usually about more than just bringing a significant income into a marriage. There may also be retirement savings, bank balances, stock options, and even real estate to consider. While assets brought into a marriage are usually considered separate property, it is still important to protect that separate status in a prenuptial agreement. A prenup is good for this as it can be used to address property division in the event of a divorce.
There are a few things that can derail the effectiveness of a prenuptial agreement, though. For example, a judge might refuse to enforce a prenup if either party failed to disclose all of his or her financial information. This is because it is impossible to make a fully informed decision without access to all necessary information.
A prenuptial might be unenforceable if it treats one party unfairly. It is not reasonable to leave one spouse with virtually nothing after a divorce, give up one’s visitation rights or address child custody matters ahead of time. Personal provisions dealing with things such as weight gain or when the family is permitted to visit can also make it hard to enforce a prenup.
Rushing to sign a prenuptial agreement is not a good idea, either. Instead, it is usually better to start prenup discussions as soon as possible. This gives each partner time to gather relevant financial information and plenty of opportunities to have healthy, effective conversations about the topic. Many Kentucky couples choose to invite experienced attorneys to contribute to these conversations.