Prenuptial Agreements: Should They Be A Prerequisite To Marriage?

Prenuptial Agreements: Should They
Be A Prerequisite To Marriage?

While not exactly the glamorous side of a marriage proposal,
the idea of a prenuptial, or ante nuptial, agreement is
something that most people about to be married should discuss.
In case a marriage doesn't work or one spouse dies before you
have a chance to do a comprehensive estate plan, a prenuptial
agreement can safeguard assets, protect one party from the
other's debts, and make any possible divorce proceedings go
more smoothly without unnecessary rancor. Since more couples
are signing prenuptial agreements, you need to discuss this
openly with your intended spouse.

Some prenuptial agreements can cover day-to-day details such as
who will pay the mortgage and other bills or how child care is
to be handled. Since more couples are signing prenuptial
agreements, you need to discuss this openly with your intended
spouse. If you both feel a prenuptial agreement fits your
situation, you each need to see a lawyer to discuss it further.

Even though more prenuptial agreements are being signed then
ever before, it is something to consider only if one of the
following applies to you:

If either of you have children from a previous marriage. If you
own a business or are involved in a family run company. If
either one of you have significant assets which you want to
keep separate. If you are concerned about the amount of debt of
the other party. If you are giving up a lucrative career to get
married. Once you have decided if you need a prenuptial
agreement and what should be in it, the question becomes
whether or not it will be valid and enforceable. There are
certain essentials to creating a valid prenuptial agreement:

The agreement must be in writing and executed before the
marriage, preferably in front of a notary public. Neither party
should be put in the position of having to sign the agreement on
short notice. If your future spouse confronts you with an
agreement on the day of your marriage, it will probably not be
enforceable.

The agreement must be fair and reasonable under all of your
circumstances and based on full disclosure by both parties of
all assets and liabilities. One lawyer cannot fairly represent
both parties. Each party to the agreement should have their own
attorney to prepare/review the document and answer all of your
questions before signing.

The sooner before the wedding date that you prepare the
prenuptial agreement the better it will be for both of you and
your relationship. Either party broaching this subject is
likely to be suspected by the other of lack of trust. However,
since more then half of all marriages do end in divorce, having
a prenuptial agreement should be considered a very practical
thing to do and not a doomsday expression of your marriage's
chances. In fact, open communication with your new partner
could be the best way to start a new relationship.

About The Author: Bernard Berkowitz is a partner in the New
Jersey law firm of Berkowitz & Raiken LLC.
http://www.berkowitzraiken.com/ Mr. Berkowitz is a legal
articles contributor to http://www.JerseyJustice.com

Favors*Gifts*Galore