There are women who are out-earning their partners. Not only are they earning more, these women may also have property, stock options, investments, and retirement savings. So, whether it is through salary, business income, or investments, there are women whose financial assets equal or rise above that of the person they intend to marry. In “Prenups for Breadwinning Women: 4 Pitfalls to Avoid,” Kiplinger.com focuses on women but of course the advice about prenups can be used by anyone.
A prenup is not solely designed to benefit the spouse that earns more. It may seem that way because when you talk about protecting assets, it seems as if the only concern is making sure the person with more resources can hold onto those resources. Kiplinger.com notes, “A prenup must be fair to the breadwinning spouse, as well as the less-moneyed partner, and it should not be draconian in nature.” You also have to be open about your finances. Although a prenup can be legally binding, it is possible for a judge to invalidate it if you were not open about your assets.
Part of being fair is ensuring that both parties have lawyers review the prenup. It may be easier for the partner with more money to have the prenup created but the less-moneyed partner also needs legal representation. Kiplinger.com states, “Otherwise, the enforceability of the agreement will be weakened significantly.”
Another aspect of fairness is not having anyone sign a prenup under duress. Judges consider this as well. If you draft a prenup and present it to your soon-to-be spouse the day before the wedding, this puts under pressure on that person. If the person does sign it, this does not mean it will be completely enforceable. You can practice the negotiation skills you will need throughout a marriage by taking the time to talk about a prenup well in advance.