Should You and Your Future Spouse Have a Prenup?

A prenup sitting on a table with a stack of money and a toy house sitting next to it.

According to People Magazine, Teresa Giudice of The Real Housewives of New Jersey and her husband decided to get married without a prenuptial agreement. While on Watch What Happens Live with Andy Cohen, Giudice revealed that she and her new husband, Luis “Louie” Ruelas, chose not to sign a prenup before getting married in August.

Giudice was formerly married to Joe Giudice. After gaining fame on The Real Housewives of New Jersey, Joe and Teresa Giudice were found guilty of fraud. Each has had to spend time behind bars because of the conviction.

In the years since, they divorced, and Teresa Giudice has worked hard to rebuild her fortune. However, despite Giudice and her new husband both having the opportunity to protect their fortunes with a prenuptial agreement, they chose to forgo signing a prenup before marrying each other because they believe they’ve found true love with one another.

In addition, this isn’t Teresa Giudice’s first time deciding whether to sign a prenuptial agreement. She almost refused to marry Joe Giudice because he asked her to sign a prenup. However, she, ultimately, agreed to sign it before they walked down the aisle. Only time will tell whether Giudice made the right decision not signing a prenuptial agreement with her new husband.

The Benefits of Having a Prenuptial Agreement

Only you and your future spouse can decide whether signing a prenuptial agreement is right for your relationship. For any couples that are deciding whether to sign a prenup before getting married, the following are the benefits of having a prenuptial agreement:

  • Forces couples to discuss finances – Many couples have a hard time bringing up the subject of their finances until it’s too late. Communication is a very important part of any strong relationship. So are finances. Anything that can lead to a constructive discussion regarding your individual and joint finances is a positive. Key topics that couples should discuss include debt, retirement, credit, savings, division and paying of expenses, renting versus owning real estate, college savings for kids, and working versus being a stay-at-home parent.
  • Reduces the cost of a potential divorce – No one goes into a marriage expecting or wanting it to end in divorce. However, divorces do happen, and most divorces involve spouses who never thought it would happen to them. That’s why it’s important to be prepared. It’s the same thing we do when we purchase car and life insurance. We hope for the best but prepare for the worst. Many prenuptial agreements include the groundwork for a divorce agreement. Negotiating these points ahead of time, including spousal support and property division, can save you a lot of time and money. Divorce lawyers charge by the hour, so the less time your divorce takes, the better.
  • Protects your business and family – If you get divorced, it may not just impact you. If you’re a business owner, your business partners and employees could be affected if your soon-to-be ex feels they have an ownership claim. In addition, there are also valuable assets that you may want excluded from property division because you want them to stay in your family. You can protect your business and your valuable assets with a prenuptial agreement.

To learn more about the pros and cons of prenuptial agreements, or to discuss whether a prenup is right for you with our experienced family law attorneys in Dutchess County, call Letterio & Haug, LLP at (845) 203-0997 or contact us online to schedule a confidential consultation.

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