Romance is always shattered when conversations about pre-nuptial agreements or pre-nups arise. Yet, for those who will be tying the knot soon, signing a prenuptial agreement is similar to taking out an insurance policy.
Though you hate to think that your marriage might not have a happy ending, but if it did, you would be spared plenty of time, aggravation and money with a pre-nup.
But Why Do You Need It?
Not everyone has a positive opinion about prenuptial agreements and they often turn a deaf ear to the mere suggestion. Nevertheless, it is wise to understand pre-nups better and how it will be beneficial to you, should things go wrong.
Prenuptial Agreements Are Not Only For The Wealthy
Regardless of if you and your partner are starting out with nothing, things change as time passes by. You become more accomplished in your career as you get older and thus your income will increase too. At this point, your assets will become more valuable and you might even inherit money and property from your family. The pre-nup can protect the accumulated wealth and indicate how it would be handled if the marriage ended under specified circumstances.
Prenuptial Agreements Protects Both Spouses
Prenuptial agreements must be fair and if it is unconscionable, it will be set aside. In cases of disparate wealth, the pre-nup can see to it that maintenance for the less wealthy spouse is provided should the marriage end in divorce.
Prenuptial Agreements Covers Everything
The pre-nup can cover everything or be tailored to specific needs. There are pre-nups that have been designed to limit how an asset or inheritance will be handled in cases of divorce. These agreements can also manage how funds are to be budgeted and how expenses should be paid during the marriage.
Prenuptial Agreements Are Not About Romance
Pre-nups are not about romance, but when two people really love each other and want to invest their lives with one another, they have to work together and reasonably plan for a future together and also without each other. Agreeing to a pre-nup is less painful that having to bear the torture of a divorce where irrationality and greed often dominate.
When Do Pre-Nups Fail?
While prenuptial agreements are useful to those with successful businesses, second marriages and wealthy individuals, pre-nups can also fail.
Custody and Child Support
Pre-nups can protect the financial future of children from a previous marriage, but it can not protect children from the current marriage. You can not determine who can get custody and how much support has to be paid, because the court will decide on what will be best for the children.
Signing Pre-Nups Under Duress
Prenuptial agreements are worthless if the other spouse signs against his or her will. It will only be valid when both partners sign the pre-nup voluntarily and freely. This is why it is wise to discuss your pre-nup months ahead of time to avoid pressure.
Financial Secrets Are Made
Full financial disclosure is crucial to valid prenuptial agreements which means that both spouses are aware of each other’s assets and debts. This will help spouses determine how much will be entitled to them at the time of death or divorce.
It Must Be Fair
All pre-nups must be fair and the court will decide if the agreements are lopsided. All agreements must be reviewed in court and used to determine how fair the spousal support will be provided.
When You Are Without A Lawyer
Legal representation is crucial, especially when signing the agreement as you need to have a lawyer present or risk the agreement being invalid. When the pre-nup is signed without the representation of a lawyer, the spouse can claim duress or failure to make a full financial disclosure.
Valerie Terger is a freelance writer specializing in relationships and various legal topics. She offers information about legal matters involved in relationships such as prenuptial agreements. She also recommends The Law Offices of Tad Nelson & Associates for legal assistance and representation for pre-nups and divorce.