Prenuptial Agreements – What Should I Know? 

By Alice Ahearn, Partner, Mediation Practice and Pro Bono Practice Chair

Prenuptial Agreements are some of my favorite contracts to write. In my opinion, they are a testament to a healthy relationship and a couple’s practical and realistic ideas about how they intend to handle their finances during their marriage.   

Marriage is perhaps the only contract people enter into without a written agreement that specifies the terms of the relationship. Going through a divorce is when many individuals find out that assets they thought were theirs alone are actually marital property or that something they thought was marital property is actually their spouse’s separate property.

Who Should Consider a Prenuptial Agreement:

• Couples entering into second marriages.
• Couples where one or both parties have interests in a business.
• Couples where there is a great disparity in income.
• Couples where one party is planning to leave the workforce for any reason for a substantial period of time.  
• Anyone who wants to know what rules will govern their income, earnings, assets, and debts when they get married.

Key Topics to Discuss During Your Prenuptial Consultation:

• Both parties’ annual incomes.
• What assets each party is bringing into the marriage:
  • Real Estate
  • Retirement
  • Investment Accounts
• What debts are each party bringing into the marriage:
  • Student Loan Debt
  • Credit Card Debt
• Should there be an alimony obligation? In what circumstances?
• Do you want to keep everything separate or create any marital property?
• How should property be divided in the event of a divorce?

Additional Considerations for Preparing a Prenuptial Agreement

Attorneys in Virginia and D.C. can only represent one party in preparation of a prenuptial agreement, so when setting a consultation, only one of you can be present. Each party should obtain their own independent counsel and determine what they need included in the prenuptial agreement to protect themselves.  

If you want a prenuptial agreement, or even think you might want one, discuss it well in advance of your wedding date, ideally at least 6 months in advance. Depending on the complexity of the arrangement, it can take a while to draft and if you have a disagreement about any of the terms, you want to know it as far in advance as possible.  

Lastly, talk to your spouse, come up with a bulleted list of questions, and make sure you’re on the same page about your finances, ideally before getting engaged, but definitely before getting married! 

Please reach out to The Geller Law Group if you’d like to schedule an initial consultation to discuss a prenuptial agreement. 

Alice Ahearn, Partner
OFFICE: 703-687-6188 ext. 118
DIRECT: 703-982-6926
aahearn@thegellerlawgroup.com