It is common for people getting married to enter into a Prenuptial Agreement (prenup) . Prenups are even more commonplace, when it is a second marriage for one or both spouses.  This is so because people with children want to protect their children’s right to an inheritance. 

At Pare & Associates, we understand these topics may seem uncomfortable, but they are essential tools to protect your assets, loved ones, and your peace of mind.

Here’s why, if you are getting married and considering a prenup, you should prioritize prenups and estate planning.

Clarifies Financial Expectations

A prenup is not just for the wealthy or famous. It’s a legal agreement that outlines how a couple’s finances will be managed during the marriage, how assets will be divided in the event of a divorce, and most often requires that each spouse waive their right to an “Elective Share”. The result is that each spouse owns their property, free from claim by the other spouse. In the event of death, the surviving spouse is often disinherited, unless the spouse had a Will or Estate Plan prepared and executed. Even if you and your partner have similar financial habits and goals, a prenup helps avoid misunderstandings by clearly stating each person’s financial rights and responsibilities.

Prenups are especially important in situations where one party has significant assets, debts, or children from a previous relationship. They offer a sense of security, knowing both parties are on the same page when it comes to financial matters. For couples where there are significant income disparities or potential inheritances, having these conversations early on can strengthen the relationship by removing future uncertainties.

Protects Individual Assets

If you or your spouse enter a marriage with personal assets—whether it’s a family business, inheritance, real estate, or retirement savings—a prenup can ensure those assets remain yours if the marriage ends in divorce. While most people enter marriage with the best of intentions, life can be unpredictable. A prenup can help protect the financial well-being of both parties by creating a clear plan for asset division, rather than leaving it to the court’s discretion, which might not align with your wishes.

On a similar note, estate planning allows you to protect your assets for future generations. Now that you are getting married, it’s important to think about estate planning – regardless of your age or financial situation. By creating a will or trust, POA docs and advanced directives, you can specify exactly how your assets will be distributed after your death, and your wishes regarding who can assist with your affairs in the event you become incapacitated. This is particularly important for individuals with children from previous relationships or complex family dynamics.

Further, the prenup is an agreement that requires both spouses to agree upon and execute. Thereafter, it is not modifiable by one spouse. You can not “get out of” a prenup, unless both of you agree. While a Will or Estate Plan can be readily modified by one spouse without advising the other. It is the Will and Estate Plan that keeps your property under control. It is not the prenup. The prenup just keeps your property separate from your spouse’s property.

Avoids Lengthy Legal Battles

Without a prenup or an estate plan, the division of assets—whether after a divorce or death—can become contentious and lead to lengthy legal battles. Prenups simplify the process by setting clear terms in advance. Similarly, estate planning at the beginning of a marriage is the perfect time to address what you want to happen to your assets and planning in the event you are not able to make financial or life decisions (this is where the POA and Advanced Directives help). By taking control of these decisions beforehand, you minimize conflict and ensure your wishes are respected. Your loved ones won’t have to navigate complex legal systems or argue over your intentions.

Ensures Protection of Loved Ones

In the absence of a will or trust, the state determines how your assets are distributed. This could result in your property being divided in ways that don’t align with your desires, especially if you have children from previous marriages or other specific preferences.

An estate plan allows you to designate beneficiaries, assign guardians for minor children, and ensure that your assets are passed on according to your wishes. This level of control is invaluable, especially in complex family situations where you want to ensure certain family members or charities receive portions of your estate.

Peace of Mind for the Future

Both prenups and estate plans offer peace of mind. Combining them together, especially at the beginning of a marriage, ensures that you are taking care of the critical decisions before potential issues arise.

Life is unpredictable, and it’s wise to be prepared for unexpected events. By having these legal documents in place, you are taking control of your future and protecting the people and assets you care about most.

While the conversations surrounding prenuptial agreements and estate planning may feel uncomfortable, they are an essential part of financial and family security. These documents provide clarity, prevent conflict, and safeguard your loved ones, making them crucial components of any long-term plan.

In short, having a prenup and an estate plan is not about anticipating the worst, but about being proactive and ensuring that your future—no matter what it holds—is protected. Planning today can spare you and your loved ones from uncertainty and unnecessary legal complications tomorrow.

At Pare & Associates, we have a “Pre-Marital Package” that includes a prenup AND basic estate planning services (wills, POA docs, and advanced directives) – all at a special price. Contact us today for a free consultation and ask about our “Pre-Marital Package”.

Pricing

Price for all the components (if purchased individually) would be:

Package A:

    • $1,000 for Simple Will for an individual with MD Statutory POA, Medical POA, and HCAD
    • $1,500 for basic Prenup agreement
  • The pricing for this package will be $1,999 – representing a savings of $501.

Package B:

    • $4,000 for an Estate Plan for an individual with MD Statutory POA, Medical POA, and HCAD (Necessary real property deeds are priced separately.)
    • $1,500 for basic Prenup agreement
  • The pricing for this package will be $4,499 – representing a savings of $1001.

Package C:

    • Joint Estate Plan $7,500 for an Estate Plan with MD Statutory POA, Medical POA, and HCAD for both parties. (Necessary real property deeds are priced separately.)
    • $1,500 for basic Prenup agreement
    • Conflict waiver required. Only one party can be represented regarding the Prenuptial Agreement. The other party will be advised to seek advice regarding the Prenuptial agreement from independent counsel.
  • The pricing for this package will be $7,999 – representing a savings of $1001.