If you fall into any one of the below categories, you should take the time to consider a prenup:
You have assets such as a home, stock or retirement funds
You own a business or are part owner in one
You have children and/or grandchildren from a previous marriage
One of you is more financially stable (or wealthier) than the other
You may be receiving money from an inheritance
One of you will be supporting the other one while he/she pursues a facet of higher education
You have loved ones who need to be taken care of (i.e., elderly parents or a mentally or physically challenged child or sibling)
You have or are pursuing a degree in a potentially profitable profession, such as law or medicine
You see a potentially large income increase due to your business taking off, your book making it onto the bestseller list, your band recording their first hit, etc.
Five Conditions for Prenuptial Agreements
While the enforcement of prenuptial agreements varies from state to state, there are five conditions that are generally imposed. First, all assets, accounts, liabilities, sources of income and any other factors likely to create a shift in financial position must, or at the very least should, be revealed. Second, each party must be represented by independent counsel. Third, generally the agreement must be fair at the time it is entered into. What this means is that your prospective spouse must have a certain period of time between when he or she is presented with the agreement and when you both will be getting married. It could also mean that if your spouse is from a foreign country, the document must be translated into their native language or a translator must be brought in to read it to them in their native tongue. In some states, the prenup must also be fair at the time of enforcement. Unfortunately, the courts and a jury often decide what a reasonable person would consider fair. Fourth, the courts may cancel the prenup if enforcing it would impoverish either party and create a risk of seeking public assistance. Finally, the fifth condition is that you cannot ever disclaim child support.