Prenuptial Agreement

From LoveToKnow Weddings

A prenuptial agreement, or prenup, is a contract signed by the bride and groom- to -be prior to their wedding. It details what will happen to their assets and property should they decide to part company after the wedding. Neither party really wants to think about a prenuptial agreement, especially when planning a wedding. With one in three marriages ending in divorce however, those with considerable assets would be well advised to give the prenup at least some consideration.

Who Uses a Prenuptial Agreement?

While prenuptial agreements have been around for a very long time for the wealthy, they're gaining in popularity for those who aren't as well-to-do. In fact, many who work hard for their money are very protective of their nest eggs. Anyone who has assets such as real estate, stocks and bonds, or substantial savings would be wise to consider a prenup. If one of the betrothed will be receiving an inheritance or other windfall in the future, he or she may wish to protect those assets as well, even if they are not yet something they're in possession of. Business owners are especially advised to look into prenuptial agreements.

A Touchy Subject

Let's face it, the last thing any couple wants to think of in their pre-martial bliss is a contractual agreement, especially one detailing what will happen if the union doesn't work out. The sad reality is that many marriages don't work out and in fact end on a very bitter note. Many times this bitterness leads to vindictiveness with one party wanting to take another party "to the cleaners."

Prenup talk should be handled as soon after the engagement as possible. Imagine how the other party will feel to have this subject broached a week before the wedding? In addition, if your betrothed feels as if he or she is being pushed into an agreement at the very last minute, the agreement could be scrubbed due to "coercion."

It's best to approach talk of a prenuptial agreement delicately and with tact. The last thing is for you to want your future spouse to feel as if he or she isn’t trusted. It's always best to start a marriage off on the right foot, therefore honesty is always the best policy. Discuss your reasons for wanting a prenup. Make sure your betrothed knows the reason for the contract is not because you envision the marriage ending, and that in fact, is the last thing you want to happen.

Discuss your assets and why they need to be protected. If alimony and child support are a concern, make sure to mention that provisions should be made.

The Agreement

Again, honesty is the best policy. Both parties should disclose all of their assets if they wish for them to be protected. Be fair about what is expected and don't make unreasonable demands. There have been rumors of certain celebrities who have agreements stating they can leave their spouses if they gain weight or fall below a certain income level. Most judges however, won't look at an agreement with frivolous demands in a serious manner.

The agreement should also disclose and discuss the payment of debts incurred before the wedding. Perhaps one party doesn't want to spend the next twelve years cleaning up the other party's credit card debts. Knowing what's expected now will lead to fewer surprises once the honeymoon is over.

Both the bride and groom to be should have their own attorneys read over the agreement with a fine tooth comb prior to signing. Attorneys specializing in marital law are best for the job. Both parties should be allowed to take all the time necessary before signing the agreement and not feel as if they are being pushed into signing something. If there's anything either party doesn't agree with, it should be discussed with honesty in a mature manner.


A prenuptial agreement might not be the most romantic proposition, but for those with assets, it couldn't hurt. Remember, it's better to be safe than sorry.

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Comments

Camilla - Excellent point. Even with a first marriage, a prenuptial agreement can help establish who contributes what and what may be expected in unforseen situations. This is also useful if the families are very involved, so there can be no legal wrangling with extended relatives.

-- Contributed by: Melissa Mayntz

A lawyer friend of mine told me that prenups are much more common for second and third marriage than they are for first marriages. "When they're on their first marriage," he said, "people are only thinking of the romance. By their second marriage, it's business. They want to make sure that if anything happens to them, their assets will go to their children from the first marriage."

I'm engaged and this is my first; and I think a prenup is a great idea. Even if you have fewer assets and think you don't have a lot to protect, you never know what will happen in the future; you could end up making more money than your fiance!

-- Contributed by: Camilla

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