Yes, you can actually use a prenuptial agreement or a postnuptial agreement (signed after marriage) to guarantee either spouse a minimum amount of alimony, so that each party knows their “worst case” alimony scenario in the event of a divorce. You and your fiancé can agree to no alimony at all, some fixed or sliding amount of alimony, or payments for a defined period of time or until a triggering event—the choice is yours.
Some couples don’t bother to consider the many benefits of entering into a premarital agreement because they have heard the myth that the only purpose of a prenup is to avoid alimony. They fear the possibility of being left with no financial support if their spouse asked for a divorce, especially if they decided to forego future career advancement and earnings to raise children or to provide some other benefit for the family. Although more people than ever are asking for prenups, a lot of people still think that signing a prenup before marriage automatically means they will give up the right to alimony.
We hear clients voice that concern quite frequently, and they are pleasantly surprised to learn that it doesn’t have to be that way.
Our prenuptial attorneys have prepared prenups for clients that have included a wide variety of alimony terms, because every couple’s situation is unique. Some variations of spousal support terms that we have incorporated in recent premarital agreements for our clients have included:
· Alimony payments of $1,000 per month to one spouse for 3 years, but only if they separate after 5 years of marriage;
· Either party may seek up to $40,000 in rehabilitative alimony, if needed for training or education to re-enter the workforce after the divorce;
· A lump sum payment of $10,000 to one spouse if that spouse happens to be unemployed when they divorce;
· Either spouse can apply for up to $30,000 in alimony if they have been married ten years; and very often
· No alimony or spousal support will be owed to either spouse in the event of divorce.
For the most part (subject to certain limitations and state law variances), a marrying couple can freely agree to whatever alimony terms make them comfortable to enter the marriage with confidence and peace of mind, given their personal situation.
It is also important to understand that the alimony terms in a prenup can be amended (in writing) to provide for a different alimony arrangement at any time after marriage to reflect changed life circumstances, such as a situation where one spouse quits or reduces work for the collective good of the family unit.
Following best practices, the subject of alimony should be addressed one way or another in a couple’s premarital agreement, because a primary goal of entering into a prenup is to “pre-agree” on the terms that couples fight over in divorce court (such as how property will be split and the right to alimony). Leaving alimony terms out of a prenuptial agreement just leaves the couple to rely on default state laws in the event of divorce, which can lead to a court battle.
Many couples who agree on pre-defined alimony payment terms in their premarital agreement enjoy a peace of mind that enables them to embark on the wonderful rollercoaster of marriage with more confidence, optimism and excitement because they know that they will be on the same page during even the toughest of times.
Prenup Pros® currently offers prenuptial agreements to clients located in VA, FL, NV, NY and NJ. For more information on the firm or to schedule a free consultation with a Prenup Pros attorney or mediator, go to PrenupPros.com.
DISCLAIMER: This article and its contents represent the opinions of the author only and (1) is not intended as a solicitation, (2) is not intended to convey or constitute legal advice, and (3) is not a substitute for obtaining legal advice from a qualified attorney. You should not act upon any such information without first seeking qualified professional counsel on your specific matter. The hiring of an attorney is an important decision that should not be based solely upon articles or advertisements.