First, make sure you understand what prenups can and cannot do
Photo-Illustration: by The Cut; Photos: Getty Images I’ve been reading lately about how couples are signing prenups if one person has a lot of debt. That is the case for me and my fiancée, and I’m not sure what to do! I am extremely fortunate to have no student loans , but my fiancée was not so lucky and still owes close to $50,000. She also has some credit-card debt that she’s working on.
Which brings me to your prenup question. I understand your confusion here! I’ve seen a lot of discussion lately about how couples are signing prenuptial agreements to protect each other from debt . But before you jump on that bandwagon, you need to understand what prenups can and cannot do. To clarify, I spoke to Laurie Israel, an attorney who focuses on family and marital law and the author of The Generous Prenup: How to Support Your Marriage and Avoid the Pitfalls.
I can understand the appeal of a prenup as a formalized plan for how a couple delineates between “mine,” “yours,” and “ours.” For instance, if one party owns or is starting a business and wants their equity to remain separate from the marital property, a prenup can be a good idea. But if you don’t have a ton of money or specific assets to protect, a prenup can be an unnecessary and expensive procedure . And it can backfire, says Israel.
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