Also known as premarital agreements, prenups have come to gain a notorious name. In media, we learn that it is often soon to be wives of wealthy men who sign these documents before marriage. In it,one soon to be spouse waive their rights to walking away with any wealth in the case of a divorce. There is, however, more to this legal term.
Simply put, the agreement outlines the financial and property rights of both spouses should they get a divorce. It is meant to avoid the long legal battles that would come in the event of the same, as with when fiscal arbitrators get involved in related financial feuds. With the divorce rates in America totaling half of those married, it would be prudent for a couple looking to get married to have one. That does not mean that the pair is looking to divorce, but it makes the same more manageable in the event of one. There plenty of uncertainties in the 21st Century marriage.
The purpose is to protect the wealth of one spouse or their family businesses. A prenuptial agreement is primarily used to protect one’s finances and property from marital property laws. Other reasons are to make wealth division easier, establish how property gets passed on in the event of a death, protect one party having debt passed on to them and protect family wealth. All these can be undertaken with little to no involvement with the court.
In and of itself, it carries with it an implication that marriage might end in divorce. That is likely to create stress on soon to be married partners. It is not to be taken lightly,and both parties need to agree. In case you’re thinking of proposing one, there are delicate matters to consider. The first is that there is likely to be increased friction as typical relational problems may get regarded as a slight intended to end a marriage. One also needs to know that certain parts, under certain circumstances, can be overruled by a judge.
Parties who ought to consider getting a prenup, however, are partners with children from previous marriages and wish to pass on separate property to their children in the event of their death. That means that should a divorce still happen the property allocated to the children from the previous marriage is still intact.
In all cases highlighted there is need to follow due process. Each party needs legal representation to ensure that the legal process gets followed. Otherwise, a judge may dismiss the agreement should there be evidence of lack of fair play.
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