Jennifer Lopez and Ben Affleck Skipped a Prenup, But You Shouldn’t

NEW YORK (AP) — Longtime celebrity watchers may not have been shocked when Jennifer Lopez filed for divorce from Ben Affleck. What was surprising, however, was that Lopez’s divorce petition did not include any mention of a prenuptial agreement.

A prenup is a legal document for soon-to-be-married couples that outlines how they will divide their assets during their marriage and in the event of a divorce. They’re common for celebrities and wealthy couples, but according to divorce law attorney Raiford Dalton Palmer, everyone should consider having one, regardless of their financial status.

“Prenups are not just for rich people,” said Palmer, who is a managing shareholder of STJ Divorce Law. “They can be very important for people who don’t have as much money because every dollar spent on attorney’s fees is a dollar that you’re not able to spend on your children or yourself.”

If you’re planning to get married soon, here’s what you need to know about prenuptial agreements:

When approaching the topic with your significant other, timing is key. Family law attorney Linda J. Ravdin recommends having the conversation sooner rather than later and not waiting until you’re halfway through organizing your wedding.

“As soon as they start talking about marriage, the person who wants the prenup should be saying something,” Ravdin said.

It’s also important to be aware of your state’s deadline to submit a prenuptial agreement. For example, California has a seven-day rule, which means that one person needs to present a preliminary prenuptial agreement seven days before the other person can sign it. This rule ensures the other person has enough time to review the document.

Discussing prenuptial agreements can be difficult since it involves full transparency about your finances. To avoid conflict or hurt feelings, attorney Julia Rodgers recommends approaching the conversation gently.

“It’s just as much an emotional document as it is a legal one,” said Rodgers, who is the CEO of Hello Prenup, an online prenuptial agreement platform.

Rodgers suggests discussing why you want a prenup and addressing any fears surrounding it. A common reason younger people cite for wanting a prenup is witnessing the difficulties their parents experienced during divorces.

During discussions, both parties should talk about their assets and how they would divide them if they were to divorce. This is also a crucial time to talk about expectations for the marriage.

Rodgers recommends asking questions like: Do you want kids, and if so, will both continue working? If you don’t want kids, what lifestyle do you envision? Do you want to buy a house or rent? How often do you want to take long vacations? What type of debt do you have? Do you want to open a business in the future?

Prenuptial agreements can make divorce less painful. Couples don’t get married expecting to divorce, but planning in case it happens can save headaches and money in the long run.

“It’s really appropriate for people that want to make divorce less painful, less expensive and they have property they wish to protect,” Palmer said.

With or without a prenuptial agreement, a divorce will take a significant amount of time and money. However, having a prenup can ease conversations about the division of property, alimony, and debt. Prenuptial agreements do not cover child support or any other topics related to children.

A common misconception about prenups is that they primarily benefit the highest-earning spouse, but this is not true, Rodgers said. Because prenuptial agreements are drafted by both parties, ideally with their respective lawyers, they aim to protect both spouses.

Prenuptial agreements are not only useful if a couple divorces. Because they lay out finances and future planning, they can clarify expectations from both parties during the marriage and in case of death.

If you don’t have a prenup, what happens during a divorce will depend on the law in your state. Every state has default laws that determine how the division of property is handled in divorces. These laws typically aim to divide the assets equally, but that’s not always the case, Palmer said.

Any debt or new property acquired during the marriage would also be divided according to state law.

“If you take on student loan debt during your marriage, that student loan debt could be considered marital or community property, depending on what state you’re in,” Rodgers explained.

In some states, like California, if a couple doesn’t have a prenuptial agreement, they are required to divide their assets in half. In other states, such as Iowa and Colorado, the distribution will be proportional but not equal. Factors like earning potential and financial needs often come into play in these states.

Once you’re ready to start drafting a prenup, each party needs a lawyer to help write or review it. Ravdin advises clients to fill out a worksheet that outlines what they want in the prenuptial agreement, which then serves as a blueprint for the draft.

“If it’s clear what they want or what’s acceptable to both of them, I can go ahead and draft the agreement,” Ravdin said.

The cost of the prenuptial agreements process depends on your state and your attorney. In many cases, prenuptial agreements start from $1,000.

___

The Associated Press receives support from Charles Schwab Foundation for educational and explanatory reporting to