Do I Really Need a Prenuptial Agreement?
It’s increasingly common for one or both partners to want a prenuptial agreement (“prenup”) in place before the wedding takes place. While no one walks down the aisle expecting divorce, a prenup may be the last thing some people want to consider. But marriage is not only a romantic partnership; it is also a legal and financial one, and a prenup can help assure couples enter into marriage with clarity, protection, and peace of mind.
So, do you really need a prenup? The answer depends on your circumstances, but here are a few important points to consider:
What Is a Prenup?
A prenuptial agreement is a legally binding contract signed before marriage. It is very specific to each person’s circumstances, but it addresses how assets and debts will be handled if the marriage ends by either divorce or death.
Many people bring assets into a marriage and are concerned about how to protect them…. because without a prenuptial agreement, even assets owned before marriage could end up being divided in a divorce. There are countless other considerations prenups should address, depending on each individual’s circumstances. Our Ohio family law attorneys can help you plan for your future depending on what your needs are.
Prenups in Ohio: The Basics
In Ohio, prenuptial agreements are recognized and enforceable, but only if they meet certain requirements:
Full disclosure: Both parties must make a full disclosure of their assets, liabilities (debts), and income to the other party, in writing, before the agreement is signed.
Voluntary agreement: Each party must enter into the prenup freely and without pressure.
Proper execution: All the terms of the prenup must be in writing and signed by both parties before the wedding.
Spousal support: There are limits in Ohio as to whether a court in a divorce is required to follow any part of a prenup that addresses spousal support. You need legal counsel who can strategize how to handle the potential problems that could arise in this area.
Medicaid and health care bills: There are federal and state limits regarding these two potential issues. Our team can help you understand these limits, so you can be protected to the extent the law permits.
Child-related issues excluded: A prenup cannot address child custody or child support in Ohio; courts decide these issues based on the child’s best interests at the time a marriage is ending.
Because Ohio courts review prenups carefully, having independent legal counsel for both spouses is strongly recommended. This not only protects each spouse’s interests but also increases the likelihood that a court will find the agreement to be valid.
Who Should Consider a Prenup?
Many people are curious about what their rights are if the marriage ends. The negotiation process allows each person to see what their partner is truly willing to commit to in a legally binding document—rather than avoiding important financial topics or leaving them to casual conversation.
Prenups are especially valuable if:
You own a business or professional practice.
You expect a large inheritance or are part of a family with generational wealth.
You or your partner has children from a prior relationship that one or both of you want to have inherit assets.
You want to clarify responsibility for debts (such as student loans or credit cards).
One spouse earns significantly more than the other.
One spouse may leave the workforce to care for children.
You are concerned about the impact on your assets if one of you has a potentially serious injury or illness at some point in the future.
Our Ohio divorce attorneys can counsel you about what a carefully drafted prenuptial agreement can do to help prevent long, costly disputes down the road.
Why a Prenup Can Be Helpful
Even if you are entering marriage with modest assets, a prenup can still offer benefits:
Clarity: Both spouses understand how financial matters will be handled.
Fairness: It creates a plan before emotions are involved.
Protection: It helps preserve businesses, inheritances, or other property.
Certainty: Reduces the risk of drawn-out, costly disputes in the event of divorce.
Updating Prenuptial Agreements in Ohio
Prenups are not set in stone, as Ohio law now allows couples to update or revoke their prenuptial agreements, as well as to create a new one after marriage through a written “postnuptial agreement.” This provides flexibility if circumstances change, such as the birth of children, career shifts, or significant new assets.
Common Misconceptions
“A prenup means I don’t trust my partner.” In reality, it’s about planning for the unexpected, much like having insurance.
“Prenups are only for the wealthy.” Couples at many different financial levels use prenups regularly now.
“Courts will ignore prenups.” A properly drafted, fair, and transparent prenup is typically enforceable in Ohio.
Do You Need One?
If you and your partner have open conversations about finances and the future, you’re already taking the first step toward a strong marriage. A prenup may or may not be necessary for your situation, but understanding your options is wise, particularly if you are entering the marriage with assets of any kind and want to retain them in the event of a divorce.
At Friedman & Mirman, we help clients evaluate whether a prenuptial agreement makes sense for them. If it does, we guide you through the process of creating one that reflects your goals and protects your interests, so you can start your marriage with confidence.
