To cut to the chase: anyone can get a prenup. There's no requirement that says you need a certain amount of money or status to get a prenup. Even if you have $0 in the bank, a prenup could still be beneficial to you in several ways. It's a common misconception that prenups are only for the rich. And it's just not true that if you don't have a billion dollars, then it's a waste of your time. Keep reading to learn who can get a prenup and how it may benefit them!

How much money should you have to get a prenup?

It's a myth that prenups are only for the super-rich. You can have $0, and a prenup can be beneficial. Here's why everyone can get a prenup:

• Protect What YOU Value: Maybe it's not a mansion but your modest savings account, a car, heirlooms, or a small apartment you've purchased. A prenup lets you keep what's valuable to you in case of divorce.
• Protect your FUTURE Assets: Even if you don't have much NOW, what about what you build together? What if you're the next Jeff Bezos? A prenup helps protect a future home, future business, future income, etc.
• Example: You paid off a small apartment you purchased years before meeting your spouse. You don't get a prenup because you (wrongly) think you don't have enough money for a prenup, given the apartment isn't worth much. Plus, you bought it before you even knew your spouse; it's yours, right? Well, you get married and live happily ever after... for a few years until things go south and the marriage ends. The divorce court ends up deciding that your apartment should be considered marital property. The result? Your apartment will be divided up between spouses. Ouch!

Bottom Line: A prenup isn't about how much you have; it's about protecting the future you and the things that matter to you, big or small.

Why prenups are vital for stay-at-home parents

A prenup may be a good thing to consider if you are a homemaker. Let's put it this way: stay-at-home parents don't receive a "real" income (The equivalent salary of a stay-at-home parent's work is about $126,725!). Therefore, with no income, their spouse typically financially supports them. With all that said, here's why prenups are important for stay-at-home parents:

• Balance out the Wealth: Stay-at-home parents may not get a paycheck, but their contributions are just as important! A prenup can ensure that, if the marriage ends, that's reflected financially through things like alimony and lump sum clauses. For example, with a lump sum clause, the stay-at-home parent can receive a lump sum of money (that is agreed upon) at the time of the divorce-- which may be in addition to alimony, property division, etc. This ensures the stay-at-home parent is financially compensated for their time working in the home.
• Protect Your Future Security: Divorce can leave stay-at-home parents financially vulnerable. A prenup provides a safety net to support the stay-at-home parent, even if there is a split. For example, without a prenup, the stay-at-home parent may not get as much as they believe is fair, especially for all of their unpaid, hard work!
• Housing Support: You can include a clause, such as a primary residence clause, that lets you stay in the family home longer during the divorce and possibly for a period of time after, easing the disruption for kids. For instance, even if your partner owns the house, you can negotiate that you (the stay-at-home parent) and the children may remain in the home for a few months or years (or whatever time you can agree upon) after the divorce is final.

Takeaway: A prenup isn't about distrust; it's about fairness. It acknowledges a stay-at-home parent's sacrifices and helps ensure their well-being, regardless of what the future holds.

You have an inheritance coming your way

Maybe you have no money now, but you will one day, thanks to your dear old Dad. Even though it may seem like eons away, you feel like you don't even need to bother with a prenup now. Plus, inheritances are usually protected, right? WRONG! Inheritances are not automatically "safe" from being split up in a divorce, despite popular belief. If you have a future inheritance, then a prenup may be for you.

Don't forget about gifts

Not only inheritances but gifts, as well. Has your Mom or Dad or friend or Grandma ever written you a really large check for Christmas or a birthday? Or, if you're really lucky, maybe you've been gifted a house. Well, these things would be considered a gift and may be worth protecting in a prenup. Not to mention all those wedding gifts you may be receiving after walking down the aisle. A prenup can delineate what should happen to gifts if the marriage ever comes to an end.

You or your spouse have debt

With student loans consistently hovering at about $30,000 per borrower, current undergraduate interest rates at nearly 5%, and graduate student interest rates between roughly 6.5% and 7.5%, it's a no-brainer that people with partners who have student loans should consider getting a prenup. And that's just for the student loans. What about car loans, credit card debt, and business loans? All of these kinds of debt can become a mutual debt in the event of a divorce, even if only one person borrowed it. Yikes! In a prenup, you can dictate that pre-marital debt and debt incurred during the marriage should be the borrower's debt and their debt alone. Phew! So, even if you have no money, but you have some debt or your partner has some debt, a prenup may be a good idea.

When wealth differs, prenups can create balance

It's a myth that prenups only benefit the richer partner. They can be essential for ensuring BOTH people feel secure, especially when finances are unequal. Here's how:

• Protecting the Wealthier Spouse: Yes, it prevents pre-marriage assets from being divided unfairly in a divorce. This offers peace of mind to those people who worked their tail off to get where they were before getting married.
• Supporting the Less Wealthy Spouse: A prenup can simultaneously include provisions to protect the less wealthy spouse, like:
  • Lump-Sum Payment: Providing financial stability post-divorce by having the wealthier person pay the other a lump sum.
  • Alimony Rights: Ensuring potential for ongoing financial support even in a split.
  • Sharing Future Growth: Defining what percentage of wealth built DURING the marriage is considered joint property
• Example: Lily and Pete have a great wealth disparity and find a solution that respects his desire to keep his beloved properties but also gives her a safety net for starting over if needed.

Bottom Line?: A well-crafted prenup levels the playing field. Both people have something to gain, making it a true win-win.

Prenups for pet parents

If your furry friends are like family, a prenup can help ensure their well-being if your relationship changes. Here's why it matters:

• Pets Aren't Property (But the Law Might Treat Them That Way): Sadly, in many states, pets are considered assets, just like a car. A prenup lets YOU decide what's best for them according to their well-being and not as if they were a lamp. For example, some states ONLY take into consideration who purchased the pet or whose name the adoption papers are under. Even if the main caretaker is someone else, a court sometimes only looks at certain factors to determine who keeps the pet.
• Avoid Heartbreak: Prenups prevent the uncertainty and potential fight over who gets to keep your beloved pet. You can ensure that your pets stay in your possession no matter what life throws at you.
• A pet clause in a prenup can outline:
  • Primary Ownership: Decide who the primary owner is.
  • Shared Ownership: Decide if shared ownership is right for you. For example, will you both share the responsibility of pet ownership (bills, food, etc.)?
  • Vet Bill and Other Expenses: Determine who will be responsible for the bills (such as vet bills, medicine, food, etc.).
  • Visitation Rights (In Some States): In some states, you may create a pet visitation plan in your prenup, which may minimize fighting in the future. For example, Katie gets the dogs for 2 weeks per month, and Tom gets the dogs for the other two weeks per month.

Takeaway: A prenup is about protecting what you love. For many couples, that includes their pets!

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You or your spouse work in a high-risk industry

If you or your spouse work in a high-risk industry, such as the military, you may want to consider a prenup for the life insurance clause. Adding a life insurance clause to your prenup will require your partner to maintain a life insurance policy for your benefit, with a certain death benefit amount. And vice versa, they can also require you to have one, as well. Although it may be morbid to think about, this can help bring you peace of mind in knowing that you or your spouse will be covered if the worst were to occur.

Is a prenup hard to get?

We've said it once, and we'll say it again. Getting a prenup is for everyone. And the best news yet? They're super easy to get nowadays. With HelloPrenup's easy-to-use platform, you can get a prenup done all from the comfort of your living room in just a few hours! Plus, it's not scary expensive like the cost of using a traditional lawyer can be. Oh, and do you need or want an attorney to assist you along the way? We've got that, too. Hire an attorney at flat rates for a Q&A or full prenup review directly through the HelloPrenup platform.

The bottom line

If you're thinking prenups are only for the super-rich, it's time to reconsider! Prenups offer protection and fairness for everyone. Whether you want to safeguard your modest savings, plan for a future together, ensure financial security as a stay-at-home spouse, shield yourself from debt, protect inheritances, or even decide who keeps beloved pets – a prenup can help. It's not ALL about how much money you have but about protecting the things that matter to YOU. Think of a prenup as a tool for building a strong foundation for your marriage, regardless of your current financial situation.