When some people think about getting a prenuptial agreement they cringe, as they consider it to be a cold thing to do. They also think that it might be an enormous strain on their engagement to be discussing such deeply personal questions as who gets what amount of money and other issues covered in a prenup. Others think it’s a bit of a self-fulfilling prophecy and are just waiting for the other shoe to drop.
While a prenup (also called ante nuptial agreements or premarital agreements) may be all these things to some people, but it is still, bottom line, an intelligent decision. This agreement is legally binding and is made prior to the couple getting married or entering into a civil partnership. It largely deals with what will happen to couple’s assets if they divorce, however other provisions may be added such as how any property may be divided and include recommendations for alimony.
At one time couples shied away from getting a prenup, but they have become exceedingly popular over time. The increase in their use is likely due to some very high profile divorces that demonstrated the person with most of the money was forced to give up close to half of their fortune to divorce someone without the same kind of wealth. In instances like that, a prenup would have made all the difference in the world.
Perhaps the most famous prenup in the news these days is the one signed by Tiger Woods and his wife Elin Nordegren. Turns out it was a good thing they had one in place given the latest round of gossip tainted scandal over Tiger’s string of affairs.
A premarital agreement is recognized in all 50 states, but the trick is that they are not always followed to the letter. The reason for that generally has to do with the fact that since the signing of the prenup the wealthy got wealthier or lost money between the time the agreement was signed and the divorce. Another thing to keep in mind is that if one party isn’t happy with the agreement and comes out on the short end of the stick, the prenup may be appealed “for just cause.” This means that not all contracts may be appealed, depending on the reasons for the appeal.
Most courts go out of their way to uphold these types of agreements “as is,” but that doesn’t mean they are always final. One spectacular case showing that is Stephen Spielberg’s wife who challenged the prenup and was awarded over $50 million. In other words, prenups are not set in stone and certain circumstances can change the outcome later.
Even with the possibility that the contract may be challenged later, most attorneys who work in this area agree that it is wise to have one in place particularly if both parties have money and various other assets or just one does.
No matter what you want to have in your prenup, you will need to consult with a qualified attorney to find out what your rights are and how such an agreement is drafted. While no one likes to talk about their marriage breaking up before they even get married, having a prenup may solve some difficult problems later.
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