I get asked to review a lot of prenups; I mean who else, right? But I know many people are not getting their prenups reviewed by a lawyer. In my Pretty Woman voice, “Big mistake, huge!” As I always preach a prenup must be reviewed by an attorney for each party. So what is it that we are looking for?
- Fairness. A prenup has to be fair if it has any hope of standing up in a challenge.
- Vagueness. Being vague in a contract is never a good thing. Be specific and direct.
- Unrealistic expectations. Whether in the form of lifestyle clauses or unrealistic demands we want to be sure your prenup is not filled with items a court may frown upon.
- Protection. There are several ways to protect oneself but many times people do not know what to ask for.
- Disclosure. Assets, debts, property, liabilities all must be disclosed and reviewed.
- Understanding. Making sure it is clear what rights the parties are waiving if they enter into a prenup.
These are just a few general items that we, attorneys, look for. But since each prenup is unique to each couple, the review is also unique. The wants and needs of the prenup depend on what the couple has decided. This is why it is not only important review a prenup before signing but to have it reviewed by a professional.