J-Lo and Ben Affleck didn't get a prenup... Should you?

Prenuptial agreements, commonly associated with celebrities and wealthy individuals, are essential for any couple planning to get married, regardless of their financial status.

The recent divorce filing by Jennifer Lopez from Ben Affleck highlighted the absence of a prenuptial agreement in their marriage, raising questions about the significance of these documents.

What is a prenuptial Agreement?

A prenuptial agreement (prenup) is a legal document that couples create before marriage to outline how their assets will be divided in the event of a divorce.

Although often linked to the wealthy, divorce law attorney Raiford Dalton Palmer emphasizes that prenups can be crucial for all couples, regardless of their financial standing.

Every dollar spent on legal fees during a divorce is a dollar taken away from yourself or your children, making a prenup a practical tool for financial planning.

"Prenups are not just for rich people," Palmer told AP. "They can be very important for people that 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."

What are the key questions to answer with a prenuptial agreement?

When drafting a prenup, couples should address several important questions to ensure they are on the same page about their future:

• Do you plan to have children, and how will this affect your careers?
• What kind of lifestyle do you envision if you don't have children?
• Will you buy a house or continue renting?
• How frequently do you want to take vacations?
• What debts do you currently have?
• Do you plan to start a business in the future?

Prenuptial agreements serve a purpose similar to estate planning. No couple gets married expecting to divorce, but preparing for this possibility can save significant time, money, and stress.

Palmer highlights that prenups help make divorce less painful, protect assets, and minimize financial loss. While divorce can still be costly, a prenup simplifies discussions about property division, alimony, and debt management.

What Happens Without a Prenup?

Without a prenuptial agreement, divorce settlements will be determined by state laws. Each state has its own guidelines for property division, often aiming for an equitable distribution.

For example, in California, assets are typically divided equally, while in states like Iowa and Colorado, distribution may be proportional but not necessarily equal. Factors such as earning potential and financial needs are often considered in these cases.