Episode•June 22, 2023•20 min

Everything You Need To Know About Prenups (And Why You Should Get One) | Ep. 240

Thinking about getting married? You may be wondering if you should get a prenuptial agreement. In this episode, Kimberly Cook, a divorce professional, explains why prenups are for everyone—not just the rich and famous! Prenups can provide transparency and protection to both parties in case of divorce and even those with fewer assets may benefit from one. Learn more about how prenuptial agreements work, when it’s ideal to discuss one, why post-nuptial agreements exist and what to do if your state doesn’t uphold them. Tune in now for all the information you need to know about why you should get a prenup! About Our Guest Kimberly A. Cook, Esq. is a divorce attorney, Mediator, and founder of Grown Girl Divorce, LLC, a divorce resource company. She is known for successfully negotiating complex financial and custody matters while helping her clients navigate their next steps forward. Kimberly’s expertise and her unique ability to disseminate complex information in a relatable way has made her a sought-after divorce coach, speaker, and podcaster. She truly believes that everyone deserves to be in healthy and happy relationships and is on a mission to educate and empower others to make that happen. Kimberly earned her B.A. from Spelman College and her law degree from The Catholic University of America. She is a Fellow of the Academy of Matrimonial Lawyers, the country’s premier organization for family law practitioners, and an active member of American Bar Association, Jack and Jill of America, Inc., Delta Sigma Theta Sorority, and the Economic Club of Chicago. She has been featured in various publications, including, The Chicago Daily Law Bulletin, Chicago Lawyer Magazine, Crain’s Chicago, Black Enterprise, Thrive Global, and Business Insider. In recognition of her hard work and dedication to the practice, Kimberly is the recipient of several notable awards, including Crain’s Chicago Notable Minorities in Law, Super Lawyers, and Best Lawyers In America. Connect with Kimberly Instagram: growngirldivorce Facebook: Grown Girl Divorce Twitter: ggdivorce LinkedIn: Grown Girl Divorce Additional Resources The Divorce Money Guide with Tracy Coenen Money After Divorce With Krista Goodrich and Grace Everitt This podcast uses the following third-party services for analysis: Podcorn - https://podcorn.com/privacy OP3 - https://op3.dev/privacy

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Key Takeaways

1
Prenups are for everyone, not just the rich and famous
A prenup is a legally binding contract outlining rights and responsibilities in case of divorce, signed before marriage
Even those with fewer assets benefit by protecting what they bring into the marriage
The document provides a clear baseline of assets, debts, and income at the time of marriage
2
Start the prenup conversation early in the relationship
Discuss financial views and prenups before engagement to understand your partner better
Frame it as protection and collaboration, similar to having insurance
The process forces transparency about finances, revealing potential red flags
3
Post-nuptial agreements exist for those already married
Post-nups serve the same purpose as prenups but are signed after marriage
Not every state upholds post-nuptial agreements—consult an attorney in your state
If post-nups aren't available, track assets/liabilities, pull credit reports, and review joint tax returns carefully
4
A prenup forces critical financial transparency
Both parties must disclose all assets, debts, and income during the process
This transparency can be valuable even if you ultimately don't sign the agreement
Lack of financial transparency before marriage is a major red flag

Intro

In this episode of Money Talk with Tiff, host Tiff speaks with divorce attorney Kimberly Cook about why prenuptial agreements matter for everyone—not just wealthy individuals.
Kimberly A. Cook, Esq. is a divorce attorney, mediator, and founder of Grown Girl Divorce, LLC. She earned her B.A. from Spelman College and law degree from Catholic University. She is a Fellow of the Academy of Matrimonial Lawyers and has been featured in Crain's Chicago, Black Enterprise, and Business Insider.

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– What Is a Prenup?

A prenup is a legally binding contract that outlines rights and responsibilities in the event of divorce. It must be signed before marriage but goes into effect on the wedding date.

A prenup is a legally binding document or contract that lays out your rights and responsibilities at the time of a divorce, but it is done, entered into prior to you getting married.
– Kimberly Cook

– Why Prenups Provide Clarity

Without a prenup, divorce proceedings can devolve into 'he said, she said' about what each person brought into the marriage. A prenup creates a documented baseline of assets, debts, and income at the time of marriage.

The prenup gives us the roadmap for that in the off chance that you get divorced.
– Kimberly Cook

– Why 'Broke Girls' Need Prenups Too

Even those with modest assets benefit from documenting what they bring into the marriage. This includes checking accounts, investment accounts, cars, retirement accounts, and being debt-free.

At a minimum, I would like to leave with what I came in with.
– Kimberly Cook

– How to Bring Up a Prenup

Start financial conversations early—ideally before engagement. Frame the discussion around protection and collaboration, comparing it to insurance: you don't buy insurance hoping to get sick or crash your car.

We clearly don't want anything to happen, but this is a great opportunity for us to sit down while we are in love, while we are on the same page to really see what would make sense for us if things unfortunately didn't work out.
– Kimberly Cook

– Post-Nuptial Agreements

Post-nups are agreements signed after marriage. Not every state upholds them, so consult an attorney. If unavailable, track all known assets and liabilities, review joint tax returns, and pull credit reports to protect yourself.

If your state does not do post-nuptial agreements, then there are things that you can do if you have certain concerns about what's going on financially in my family.
– Kimberly Cook

Resources

The Divorce Money Guide
Money After Divorce
Grown Girl Divorce Podcast

Topics

Prenuptial AgreementsPost-Nuptial AgreementsDivorce PlanningFinancial TransparencyMarriage and MoneyLegal ProtectionRelationship CommunicationAsset ProtectionDebt Management