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The Prenuptial Agreement Dilemma
By Jeffrey
Broobin
Should we have a prenuptial agreement?
OK. You can look at the idea as very cold and unromantic.
You can look at the idea as a considerate and practical way to
decide before the marriage certain issues having to do with
your money.
It is interesting to note that the custom of creating
prenuptial agreements is not the modern invention that it seems
to be. During the 19th century, before the Married Women's
Property Act of 1848, prenuptial agreements were necessary for
women in the United States. Until the act became law,
everything a woman owned or inherited was transferred to her
husband. If he died or divorced her, she was just out of
luck.
Nowadays it is not so uncommon to execute prenuptial
agreements. And these are not just for the famous super-rich
couples we read about, where one spouse is much richer than the
other. These are couples who want to be upfront about financial
issues and get that out of the way before the wedding.
A prenuptial agreement is a signed and notarized contract
that describes how a couple will handle the financial aspects
of their marriage. The prenuptial agreement has many positive
benefits that are not related to divorce, and although it is
not very romantic, it has many positive elements.
• If a future spouse won't sign a prenuptial agreement, it
may be best to discover this before the wedding.
The financial well-being of children from a previous
marriage can be protected
• Personal and business assets accumulated before the
marriage are protected by a prenuptial agreement.
• A prenuptial agreement reveals financial expectations
before the wedding.
• A prenuptial agreement discloses assets a spouse may want
to give to children or other family members in the event of
death.
• In the event of a divorce, the prenup eliminates battles
over assets and finances.
• Signing a prenup does not mean that a couple is
anticipating divorce.
• Prenups address financial matters need to be faced.
• A well-constructed prenuptial agreement can preserve
family ties and inheritance.
Despite its many positive features, the prenuptial agreement
cannot accomplish everything.
• A prenuptial agreement may be considered unromantic.
• A prenuptial agreement may give the appearance of a lack
of trust between the partners.
• It is true that a prenup could create resentment between
certain spouses.
• Certain requirements exist so that the prenuptial
agreement cannot be declared invalid. These include failure to
disclose all assets, evidence of fraud, forcing the agreement
upon the other spouse, unfairness, and lack of representation
at the time of signing the agreement.
If you are considering having a prenuptial agreement it is
important to remember these things:
• Don’t wait until the last minute to talk about financial
matters. Discuss the agreement early in the relationship.
• Don’t try to hide your thoughts, feelings, and especially
your assets.
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