Until Death Do Us Part...
In our current age of second and third marriages, prenuptial agreements are becoming much more common even though the perception of a prenuptial is that it demonstrates a lack of trust between the parties. If you are not expecting it, you can be surprised and dismayed when your fiance' asks for a prenuptial agreement, however there are valid reasons (that protect both of you) to do so. The basic premise of a prenuptial agreement is to direct how property will be allocated between spouses whenever one of these two events occur: 1) the possibility of divorce or 2) the death of a spouse without a valid will or trust to dictate how assets should be divided.
Is Love Enough?
Sadly, love is not enough in some instances, and many marriages go sour. Very few couples look at the economic realities of marriage, let alone the economic realities of divorce when they decide to marry. Many have learned the hard way, as their first marriage crashed and burned and they were left with a costly divorce, to show more economic savvy the second time around.
Remember, when couples do not take advantage of a well-written prenuptial agreement, they may very well end up dealing with an agreement known as "divorce law." If you are contemplating marriage it makes perfect sense to take control of your life rather than leaving your fate in the hands of the government. You can do this by hiring an attorney who specializes in writing this particular type of contract.
What Can Be Included
A well-written and valid prenuptial agreement can deal with the following:
- Division of property and whether particular items are community or separate property
- Ownership of the marital residence
- Responsibility of premarital debts
- Alimony obligations
- Financial responsibilities during the marriage
- How possible disputes about the agreement will be resolved
- Sunset clause--Many couples allow that their prenuptial agreement will cease to be valid if they are married for an agreed-upon number of years.
What Should Not be Included
What it cannot deal with include:
- Custody of the children, including how the children are to be raised
- Visitation rights
- Child support
- Anything illegal
- Anything that is believed to actually encourage a divorce
Despite the popular opinion that a prenuptial agreement always favors the husband, in order for the prenuptial to be upheld in case of a divorce or death, it must be fair and equitable in the eyes of the law. Additionally, a prenuptial agreement can actually benefit the wife by assigning a monetary worth to the thousands of jobs that wives and moms do on a daily basis.
If you are feeling a strong objection to the suggestion of a prenuptial agreement, remember that this comes from your heart and not your head. Contact an experienced attorney and take out this very wise insurance policy for your future.
