NEW YORK -- Longtime celebrity watchers may not have been shocked when Jennifer Lopez filed for divorce from Ben Affleck, but what was surprising was that Lopez's divorce petition did not include any mention of a prenuptial agreement.

A prenuptial agreement is a legal document for couples getting married that outlines how their assets will be divided during their marriage and in case of divorce. Such agreements are frequent among celebrities and very wealthy couples, but divorce law attorney Raiford Dalton Palmer says you should consider one even if you don't have a lot of wealth .

“Prenuptial agreements aren’t just for wealthy individuals,” Palmer, a managing shareholder of STJ Divorce Law, explained. “They can be incredibly beneficial for those with more modest means because every dollar spent on legal fees is a dollar that can't be used for your children or yourself.”

If you're planning to tie the knot soon, here’s what you need to know about prenuptial agreements:

When bringing up this topic with your partner, timing is crucial. Family law attorney Linda J. Ravdin advises you to have this conversation early on and avoid waiting until you are deep into wedding planning.

“As soon as discussions about marriage begin, the individual who desires a prenup should initiate the conversation,” Ravdin stated.

It’s also essential to understand your state’s regulations regarding the submission deadline for prenuptial agreements. For instance, California has a seven-day rule, meaning one partner must present a preliminary prenuptial agreement seven days before the other partner can sign it. This is to ensure that the other individual has sufficient time to review the document.

Discussing prenuptial agreements can be sensitive due to the requirement of financial transparency. To avoid conflict or hurt feelings, attorney Julia Rodgers recommends approaching the conversation with empathy and sensitivity.

"A prenuptial agreement is not just a legal document, but also an emotional one," said Rodgers, CEO of Hello Prenup, an online platform for creating prenuptial agreements.

Rodgers advises couples to openly communicate their reasons for wanting a prenuptial agreement and any associated concerns. A common motivation among younger couples is witnessing the challenges their parents faced during divorce.

It's essential to discuss your existing assets and how you would divide them in the event of a divorce. This is also an opportune time to have open conversations about your expectations for the marriage.

Rodgers recommends asking the following questions:

— Are you thinking about having children in the future? If so, will both of you continue working?

— If you don’t want kids, what kind of lifestyle do you want?

— Do you want to buy a house or rent?

— How often do you want to take a long vacation?

— What type of debt do you have?

— Do you want to open a business in the future?

Prenuptial agreements are like a form of estate planning, Palmer explained. Couples don't enter marriage anticipating divorce, but planning for that possibility can prevent future complications and financial burdens.

"Prenuptial agreements are especially beneficial for those who want to make the divorce process smoother, less costly, and ensure the protection of their assets," Palmer stated.

With or without a prenuptial agreement, navigating a divorce will involve substantial time and financial resources. However, having a prenup can simplify discussions regarding property division, spousal support, and debts. Nevertheless, it's important to note that prenuptial agreements don't address child support or any other issues related to children.

A widespread misconception about prenups is that they favor the spouse with higher earnings, but this notion is inaccurate, Rodgers said. Since prenuptial agreements are drafted collaboratively by both parties, with their respective legal counsel, they ideally safeguard both spouses.

Prenuptial agreements aren't just beneficial if the couple decides to separate. As they define financial arrangements and future planning, they can also serve to establish expectations for both parties during the marriage and in the event of death.

If you lack a prenuptial agreement, the outcome of your divorce will hinge on the laws of your state. Every state has default legal guidelines that determine how property division is handled during divorce proceedings. These regulations generally aim to distribute assets fairly, but this isn't always the case, Palmer said.

Any financial obligations or newly acquired property during the marriage would also be divided according to state law.

“If you incur student loan debt during your marriage, this debt could be classified as marital or community property, depending on your state of residence,” Rodgers noted.

In certain states, such as California, couples without a prenuptial agreement are required to divide their assets equally. In other states, like Iowa and Colorado, the division is proportionate but not necessarily equal. Factors such as earning capacity and financial needs are often considered in these states.

When you're prepared to draft a prenuptial agreement, it's crucial for each party to have legal representation to assist in writing or reviewing the document.

Ravdin starts by asking clients to complete a questionnaire that outlines their desired provisions for the prenuptial agreement, using this information as a guide for drafting the document.

“When both parties are clear about their expectations and what they find acceptable, I can move forward with preparing the agreement,” Ravdin explained.

The cost of drafting a prenuptial agreement can vary depending on your location and the attorney you choose. In many cases, the process begins around $1,000.

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