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Where to Begin [q&a]
Rule #2: Hire a lawyer to advise you on your prenuptial agreement and make sure that your spouse-to-be does the same.
You might be tempted to save on legal fees and enter into a do-it-yourself prenuptial agreement with your loved one. Though you might consider this biased advice (since it is coming from someone who makes her living practicing matrimonial law), not hiring a lawyer for the purposes of your prenuptial agreement is penny-wise and pound-foolish.
Lawyers serve several important purposes in the context of prenuptial agreements. Your lawyer will:
- Explain your legal rights to you and help you understand how your prenuptial agreement will affect those rights
- Keep you from signing an agreement that is overly lopsided in favor of your spouse-to-be
- Provide you with bargaining power by negotiating better terms on your behalf
- Help you comply with the financial disclosure requirements (see Rule #3)
- Make sure that you receive appropriate financial disclosure from your spouse-to-be
- Take all necessary steps to ensure that your prenuptial agreement will stand up in court
Not only should you go out and retain a lawyer, but you should make sure that your spouse-to-be does the same. If your spouse-to-be cannot afford a lawyer, you should cover the legal bills yourself. (Trust me, this is a very wise investment.) The last thing you want is for your spouse to challenge the agreement down the line on the grounds that he or she did not understand the legal consequences of your prenup. You should make certain that your spouse-to-be hires a lawyer who is just as competent as your own, and that his or her lawyer is completely independent of you.