A prenuptial agreement is a financial planning tool used to define and protect separate property, both during the marriage and in the event of divorce or death of a spouse. A prenuptial agreement should benefit both partners. The process promotes transparency and thoughtful planning, while also offering reassurance. As prospective spouses, you have an opportunity to craft an agreement of your choosing, while bypassing state laws that may change over time and that will vary based on jurisdiction.

Introducing the concept of a marital agreement early on in a relationship usually results in a better experience for all involved. It is never a good idea to raise the issue for the first time in the weeks leading up to the wedding. You can expect to have a series of conversations over a period of time on the topic, but the initial approach should be about your shared need for security and protecting family wealth for future generations. A marital agreement can be described as an extension of the broader family’s estate plan. The idea is to protect both parties. Allow at least a few months for each partner to hire independent legal counsel to draft and finalize the agreement. A local family attorney will answer any questions you might have, and will walk you through the process.

If you’re contemplating a divorce, proactive planning can make a significant difference in safeguarding your future. Start by gathering your financial documents—think tax returns, bank statements, credit card records, appraisals and trust documents. It is a good idea to review 12 months of living expenses, such as mortgage payments, utilities, groceries, car payments, tuition, medical expenses, child care, etc. Divorce tends to be a marathon rather than a sprint. Resolution takes time. Therefore, it is important to have a solid support network in place, whether it is a therapist, family member or other trusted advisor, to help you navigate both the emotional and financial aspects of the process. Mediation or arbitration might be the preferred route to settle any disputes over finances and/or parenting. Both offer a private forum and can be more cost-efficient compared to a lengthy courtroom battle.