Jane recently graduated from college and secured a position as an investment banker with a large Wall Street firm. Jane has been dating Dick for several years. Dick is currently unemployed but hopes to find a job in his chosen field of social work.  Jane came in to see me to discuss planning for her marriage to Dick this summer and whether she should make out a Will. Jane was under the impression that prenuptial agreements were for “older couples who were marrying for a second time” but wanted to learn more about it. Neither Dick nor Jane had been previously married.

I explained that a prenuptial agreement can be thought of as an insurance policy just in case the marriage does not turn out as hoped. A prenuptial agreement basically puts the couple in the same place they were prior to the marriage, with all of the individual's assets staying with the individual in the event of divorce. And, in the event of death, the assets can be directed to pass to someone other than the spouse.

Jane decided that she and Dick would finalize a prenuptial agreement within the next three months and agreed that they would meet with me to do their estate plan after they were married.

LESSON: Whether married previously or not, you should strongly consider a prenuptial agreement if any of the following criteria is met: