Believe it or not
nearly 50 percent of all marriages end in
divorce. Most end in expensive legal battles
that cost thousands of dollars in legal fees,
emotional distress and financial chaos.
Many couples
deeply in love feel it is not romantic or gives
a sense of disloyalty if they tell their
significant other about the need to enter into a
prenuptial agreement before marriage. The fact
is when you step back from your emotions-you are
entering into a business partnership. Each of
you is going to be contributing, whether
financial or otherwise into this new
partnership.
So the big
question is whether you need a prenuptial
agreement. Let's first start with the couple
just starting out. You both have jobs, no money
and great expectations. The answer is yes,
because no one can predict the future. One or
both may and probably will change jobs for the
better. That means more money, assets, debts,
and division of property.
If you have a good
paying job and starting to accumulate assets or
been previously married a prenuptial is a good
idea so everyone knows if this new partnership
does not work there is some method to untangle
the financial web you have created during the
marriage.
If you have
children from a prior marriage a prenuptial is a
good idea to protect your assets so you can pass
them on to your kids.
Remember courts
look at an agreement as a contract and will
uphold the contract even if it may not be
totally equal. The court will not generally
reinvent your agreement to save it. Both parties
must make a full disclosure of financial assets.
A few states frown upon these type of agreements
even if written to conform to the laws of the
state where you were living when written. Even
then it is better to have an agreement because
even those courts may well find your agreement
valid and fair.
You should both
have the agreement reviewed by an attorney. It
insures that each of you understands the
contract you are entering into and the court is
more likely to enforce an agreement where both
parties had legal representation.
