Prenuptial Agreements Should Be Like Sharp Knives
In my motley roster of cases, I have two right now with useless prenups. That’s right, I just said it. USELESS PRENUPS!
One prenup basically states the law. “We want all property acquired after date of marriage to be community, and keep everything prior our separate. We want to keep our inheritances separate.” Ok – and you paid good money for this?
The other prenup basically states, “We want money earned during marriage, including if we start businesses” to be community. Another useless prenup, because each of them started their own businesses during this 16 year marriage, and now we have to spend 6-figures hiring forensics to value them. Again – you paid good money for this!!!!
What you need to know is – marriage is forever. We all know this, and we value and trust it as such. However, IF and WHEN divorce hits, you want a document to protect you to the best of its capacity. This means you want your prenup to be the SHARPEST KNIFE in the world. Or else, don’t get one.
A dull knife, like a loosey-goosey prenup, will not stand up to the fight when you need one.
So, every time someone says to me, “I just want what’s fair in the prenup. We will be together forever, and I don’t want the prenup to insult him/her.”, my response is, “What good is a dull knife when you’re in a knife fight?”
Remember – your prenup will NEVER be used if your marriage lasts forever. Therefore, it can be as insulting to the other side as you want. It will never get used. If you are paying for protection as the in-spouse, I recommend the complete waivers – no community property, no spousal support. Obviously, if you are an out-spouse, you don’t want the waivers. So my advice to the in-spouse, get the sharpest knife ever.
To the out-spouse – work on the marriage so there is never a need to use the prenup.
I love you all, and I love marriage. May divorce eventually become extinct. It sucks. But for now, your prenuptial agreements should be like sharp knives – and you should get one!