Entering into a marriage is a significant milestone, but it’s essential to protect your financial future as well. A prenuptial agreement, commonly known as a prenup, is a practical way to ensure that your assets and rights are protected in the event of a divorce.
But what should a woman ask for in a prenup?
This guide will help you identify the key areas to focus on when drafting your agreement.
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Why Women Should Get a Prenup
Contrary to popular belief, prenuptial agreements are not just for the wealthy; they are an essential tool for anyone looking to protect their financial future. For women, in particular, a prenup provides crucial safeguards. According to a Pew Research Center analysis, women in the United States earn only 82% of what their male counterparts make on average. This income disparity can have significant implications in the event of a divorce, particularly when it comes to dividing assets and determining spousal support.
Given this wage gap, women are often at a financial disadvantage during and after a divorce. A prenuptial agreement allows women to address this inequality by securing fair terms for spousal support, property division, and other financial considerations. By clearly defining these terms in advance, a prenup ensures that women can maintain their financial independence and protect their long-term security, regardless of any income disparities in the marriage.
What To Include in a Prenup
When considering what should be in a prenup, it’s important to cover various aspects of your financial life. Here’s what a woman should ask for in a prenup to ensure they are covered if they ever get a divorce.
1. Spousal Support
Spousal support, or alimony, is one of the most critical components of a prenuptial agreement. If you want to ensure financial security in the event of a divorce, it’s important to outline the terms of spousal support. Consider factors such as the duration of the marriage, each partner’s income potential, and any career sacrifices made during the marriage. If you expect to work primarily in the home, this could include financial support for professional development or schooling in the event of a divorce.
2. Housing
Your living situation can drastically change after a divorce. A prenup should address what will happen to any shared or individually owned property, including who will stay in the marital home and how the mortgage or rent will be handled. It could also include provisions on how your spouse will help you pay for new housing if necessary.
3. Health Insurance
Healthcare is a crucial concern, especially if one partner is dependent on the other for health insurance. According to the most recent data by the U.S. Centers for Medicare & Medicaid Services, per person healthcare spending for women is $10,887 annually, which is nearly 14% more than for men. As such, including health insurance provisions in your prenup ensures that you maintain coverage even after a divorce. This is particularly important if you are not employed or if your employer doesn’t provide adequate health insurance.
4. Retirement Benefits
Retirement savings can be a significant asset, and it’s essential to specify how these will be divided in the event of a divorce. Whether you have a 401(k), IRA, or pension plan, ensure your prenup addresses how these retirement benefits will be handled to avoid complications later on.
5. Gift Exceptions
Many people receive gifts or inheritances during their marriage, and it’s important to determine how these will be treated in a prenup. A common question is what should a woman ask for in a prenup regarding gifts. The answer is to ensure that any gifts or inheritances you receive remain your separate property, not subject to division.
6. Business Income (If Applicable)
If you own or co-own a business, it’s vital to protect your interests. A prenup should outline how the business income and assets will be divided or protected in case of divorce. This includes addressing how much involvement your spouse will have in the business and whether they are entitled to any business profits or ownership stakes. And, if your spouse owns a business that you help with in any capacity, it’s a chance to determine how much interest you hold in that business.
7. Debt Protection
Marriage often involves the merging of finances, but that doesn’t mean you should be responsible for your partner’s pre-existing debts. One of the critical aspects of what should be in a prenup is ensuring that any debts incurred before the marriage remain the responsibility of the person who took them on. Additionally, you can outline how any future debts will be managed.
Asking Your Future Spouse for a Prenup
Bringing up the topic of a prenuptial agreement can be challenging, but it’s essential for protecting both parties’ interests. Approach the conversation openly and honestly, emphasizing that a prenup is a practical step for ensuring a fair and secure future together. It’s important to communicate that this agreement is about clarity and mutual respect, not a lack of trust.
Related: How to Bring Up a Prenup with Your Partner
Need Help Drafting Your Prenup? Get Started With Cyrus Pacific Law
Drafting a prenuptial agreement requires careful consideration and legal expertise. At Cyrus Pacific Law, we create tailored prenups that address your unique needs and concerns. If you’re wondering what a woman should ask for in a prenup, we can guide you through every step of the process. Protect your future—contact us today to schedule a consultation and get started on drafting a prenuptial agreement that works for you.