Understanding Premarital Agreements: Why They Are Essential for Your Future

Many couples, understandably, shy away from thinking about divorce before they even say, “I do”. It is not exactly the type of conversation a newly engaged couple is excited to discuss. Premarital conversations about property and asset division upon the possibility of a divorce can feel uncomfortable or unnecessary. Due to this, many couples avoid the conversation and overlook the benefit of a premarital agreement.

A premarital agreement is an agreement that two prospective spouses make in contemplation of marriage and to be effective upon marriage (K.S.A. 23-2402(a)). These agreements are made to determine how property will be held or divided after the marriage. Property can be an interest in real or personal property, including income and earnings (K.S.A. 23-2402(b)). In other words, the agreement will discuss each partner’s property, assets, income, and earnings and how such property will be classified—separate property or marital property. Additionally, the division of marital assets, income, etc., is also discussed and determined.

Divorce can cause serious stress and asset disruption. The benefit of preparing this agreement is to reduce such stress and unpredictability, leading to a more amicable divorce.

A well-crafted premarital agreement (commonly known as prenup) can provide clarity, protect assets, support a strong foundation for marriage, and avoid surprises. It is less about expecting the worst and rather focused on creating fairness and clarity for both partners.

Our firm strongly recommends considering a premarital agreement if one or both partners have substantial assets (money, property, or farmland), if you own a business or are inheriting the family business, or if both parties simply seek predictability and transparency. The agreement will safeguard your assets and can specify how a business will be valued and handled in the case of a divorce.

Beyond asset protection, a premarital agreement is an effective communication tool. It encourages couples to have difficult but important conversations about their financial expectations, goals, and values openly before marriage, fostering transparency and understanding from the beginning of the marriage. Think of a premarital agreement as the foundation of a stronger, more transparent partnership.

If you are thinking about entering into a premarital agreement, it is best to speak to an attorney who can best represent your needs. These agreements can be complex and can be invalidated for a number of reasons, so it is always best to work with an attorney familiar with this area of law.