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[A83]A Prenuptial Agreement In

by Adrian Adams, Adr

In essence, a prenuptial agreement is merely a contract between two people who intend to wed. It lists the debts, property and other assets that each person has. It also specifies what will happen to those debts and assets as well as any other property and monies you might accumulate during the course of your marriage should your union be one that was not made to last.

We usually refer to the prenuptial agreement as a prenup. In some areas of the United States it is known as a premarital agreement or an antenuptial agreement. Sometimes the word agreement is substituted with the word contract, but they all have the same basic meaning.

A prenuptial contract is something that a couple must discuss carefully and at length before making any decisions. It is a decision that should be weighed as carefully as the decision to marry

Benefits to having a Prenuptial Agreement

Having a prenup agreement can ease both parties' mind if they have assets they want protected. Though we would like to think that a marriage will last forever, statistics tell us differently. It is a smart idea to have a prenuptial agreement with your intended spouse for a few reasons:

Protect Property You already Own

If you own any type of real estate before you marry, you may want to be sure that it will not be part of any divorce settlement. This is especially true for those people who have inherited real estate that has been passed down from generation to generation.

Makes Getting a Divorce Easier

No doubt, divorce can be a messy experience if you haven't hammered out who gets what before you marry. If either partner came into the marriage with considerable assets, they may want to be sure they leave with what they came into the relationship with.

Gives You a Game Plan for the Future

Having a prenuptial contract can clarify any special agreements you require. It is also a way for you to make some ground rules and establish a procedure for deciding financial matters of the future should you part.

What a Prenuptial Contract Won't Protect You From

Though having a prenuptial agreement can smooth out many wrinkles in a new marriage, there are things that a prenuptial can't do. You can not restrict visitation, child support payments or child custody in a prenuptial agreement.

Making rules such as who does the laundry and who is responsible for cleaning the litter box are not matters that will be taken seriously if they are included in your prenuptial contract. If you include such petty things in your agreement, the judge may decide to throw the whole agreement out which will defeat the purpose.

Who should have a Prenuptial Contract?

Anyone who is involved in planning their estate, owns property that is familial, or wants to decide financial responsibility for both parties before they wed should get a prenuptial agreement. It goes without saying that those with wealth and valuable assets are more likely to require their mate sign a prenuptial agreement before they meet at the altar, but more couples with average incomes are deciding to utilize a prenuptial agreement to protect assets they have worked hard to earn for themselves.

A prenuptial agreement is essentially a legally binding agreement made before a couple gets married or enters into a civil partnership. The agreement deals with what should happen to assets of the couple in the event of divorce, though various additions can also be made including provisions and recommendations for alimony and the division of property. Prenuptial contracts often go by alternate names, such as ante nuptial agreements or premarital agreements; however, the usage is the same.

The popularity of prenuptial agreements has increased since the turn of the 21st century, though they were not unheard of before then. This is attributed by lawyers to an increase in media coverage of high profile divorces, which often sees as exceedingly wealthy individual divorcing someone of lesser means – and being forced to sacrifice up to half of their fortune.

A prenuptial agreement is recognized by all 50 states of the America, though they are not always followed verbatim. Often, discretion is required in cases where wealth and income has increased – or significantly decreased – between the time of the agreement and the time of the divorce. A prenuptial agreement can be appealed against if the party that stands to lose out is unhappy, though just cause must be given for doing so. American courts tend to uphold and recognize prenuptial agreements as they are, but it is worth remembering that these agreements are not a final line. It is possible for either party to challenge a prenuptial. Recently, Stephen Spielberg's wife did just that during their high profile (and acrimonious) divorce. She was successful in this attempt, and walked away with a settlement of over $50 million.

The vast majority of legal experts recommend that a prenuptial agreement take place if one or both parties entering into the marriage are sufficiently wealthy or have prior property and assets. Another good reason for a prenuptial is if the woman of the partnership is to leave work so as to raise the couple's children; in the event of divorce, she may be left with a long fight for alimony without a prenuptial agreement to ensure continued support until the child is 18. Some couples prefer to agree that the wife should return to work if the marriage dissolves, while others agree on a continued support payment system until the child or children are of age. These are differing issues that are resolved in prenuptials.

The whole point of a prenuptial is to resolve difficult issues during good times, as inevitably with a divorce comes recriminations and issues become all the more important. Prenuptials are designed to allow couples, honestly and rationality, to set a provision for the future when they are not also trying to deal with the issues presented by a difficult divorce case. In situations of adultery, a prenuptial agreement becomes all the more important, as fur is far more likely to fly in these cases.

No one who is about to be married wants to talk about the possibility of divorce, but solving these matters in the present could help prevent great distress and upset in the future.

Disclaimer: This article is for informational and entertainment purposes only, and should not be construed as legal advice on any subject matter.

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Both Adrian Adams & Melissa Gordon are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

Adrian Adams has sinced written about articles on various topics from Diabetes Treatment, Gift Ideas and Personal Desktop. Learn about ,. Adrian Adams's top article generates over 673000 views. to your Favourites.

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