Reasons for Prenuptial Agreements include being wealthy, remarrying, partner has a lot of debts, owning a business, and protecting a family inheritance. Wealthy people often have prenups because they have a lot of assets and money. We often see in the media how wealthy and famous people divorce and remarry. Often we could come to the conclusion that this is a way of life. Without a prenup they stand to lose a great deal during a divorce. Of course marrying another wealthy person may not be a great risk but still reasons for prenuptial agreements often include protection of assets. This is especially true if there are children who stand to inherit. Wealthy people often own their own businesses and may not want to end up having an ex as a partner if the marriage ends in separation. "No man can serve two masters: for either he will hate the one, and love the other; or else he will hold to the one, and despise the other. Ye cannot serve God and mammon" (Matthew 6:24).
Partners who do not have any wealth can be protected by a prenup as well especially when the wealthy spouse has a lot of debt. Couples may want to protect the assets they do have so that their children, other family members, and charities receive assets when death occurs. Reasons for prenuptial agreements are to fully disclose and assign assets in specific ways. Both adults will need to have their own attorney and they will have to be willing to be honest and disclose all assets and liabilities. Not disclosing all things might cause the agreement to be legally voided when a divorce takes place.
Settlements not protected by prenups can lead to the wealthy partner losing up to half of what he or she owns. Reasons for prenuptial agreements include devastating outcomes during a breakup. Many states have adopted a uniform agreement act that helps to make sure that the court recognizes the prenup in case of divorce. Not having a prenup hold up in court would be an unusual occurrence. Of course having this type of agreement protects one in case of death as well so divorce is not always the only concern.
In a prenup both adults will want to list all assets, liabilities, income, future gifts and inheritances. Any existing debts that are valid before the marriage takes place should be listed along with how the person intends to pay those debts. All property and any changes in the value of the property are good reasons for prenuptial agreements. Any jointly owned property should be listed on the contract as well. Some things that people may forget to list are expensive art, jewelry, and other types of collectibles. Spousal support and child support that one partner is responsible for should be included on the contract. Other considerations include life, medical, and disability insurance policies should be listed as to whether they will remain the sole property of the owner or become joint property.
Divorce rates today and having significant wealth are good reasons for prenuptial agreements. Some of the latest research shows that almost half of marriages today end in divorce. This does not mean that your marriage will end in divorce. However, divorces are easy to obtain these days so some people would rather end a relationship than try to work at it. And some do not feel like they have a choice. If one adult wants to work at saving the marriage but the other does not then the one who does may be fighting a losing battle. If a partner came into the marriage with a lot of money and assets then he or she will have to divide everything with the partner if a prenup was not filed through the court.
Couples should consider that there is great importance in discussing financial matters before tying the knot. Communication with each other must begin beforehand so that reasons for prenuptial agreements can be found. Each person should come clean about all of their assets, liabilities, property, child support payments, alimony, and so on. Do not just hire an attorney and then surprise your finance with papers requesting a prenup. Tell him or her why you feel like there is a necessity for an agreement and talk openly about your fears. Encourage one another to see an attorney about legally taking care of assets. Try not to take it personally when a partner wants a prenup. Be understanding and look at it as a way to protect yourself as well. If he or she has a mountain of debts then you would not want to be responsible for paying those debts in case of a divorce. In addition, a person would not want to be responsible for making child support and alimony payments for a spouse's previous marriage.
Professional mediation is possible for couples who have reasons for prenuptial agreements but are not sure how to communicate concerns. Partners are encouraged to discuss any type of concerns before marriage. The discussions might include parenting issues, financial matters, whether or not a partner wants to have children, and how each person feels about having a prenup. This is a perfect time to find out if a fiancee likes to save money or spend it. Joint bank account or separate accounts and who will handle the checkbook are all reasonable discussions that should be communicated before marriage. Discussing these things is very important before getting married. This way both people know where the other one stands on issues that could cause problems later on.
Are Prenuptial Agreements EnforceableAre Prenuptial Agreements Enforceable can be answered by examining the facts around the conditions of the agreement. If both parties understand the agreement there is a good chance that the court will recognize the validity of the contract. If the facts show that both parties consulted with an attorney at the time of the signing of the contract then there is a very good chance that they came to understand the legal terminology and terms. Therefore, it would be difficult for a partner to claim that she did not understand what she was signing. Other considerations for are prenuptial agreements enforceable are based upon reasonable settlements. If the wealthy partner has been reasonable on what is provided to the other partner then the court will usually enforce the contract. Above all consider the words of the Lord and pray about making important decisions but do not be burdened down with the cares associated with prenuptial agreements instead put your faith and trust in God. "And take heed to yourselves, lest at any time your hearts be overcharged with surfeiting, and drunkenness, and cares of this life, and so that day come upon you unawares" (Luke 21:34).
If one partner does not disclose his earnings, property, and debts fully then a premarital contract may not be binding. Are prenuptial agreements enforceable depends upon how much knowledge the partners have of each others wealth. When there is deception involved the court will often overrule what the contract says. To further determine the validity of the contract the judge may look at whether both parties were represented by an attorney. If the decision to have a premarital contract was rushed then the court may not recognize the contract to be binding. In addition, each state may be different on how they view premarital contracts especially if both parties have signed it.
Some experts believe that the word prenup takes the romance out of the marriage. Love is the basic emotion involved with a marriage but other things should be considered an important part of a union between two adults. One of the main considerations should be finances. Are prenuptial agreements enforceable is a question that couples should consider before tying the knot. This is especially true of partners who either have a lot of wealth or a lot of debt. Other considerations include family inheritances, being the owner of a successful small business, or owning a lot of property. Having children from a previous marriage or elderly parents who must be taken care of are considerations as well.
Prenups can help to alleviate disputes over property when divorce becomes necessary. They are controversial because some sources believe that they affect the trust relationship between partners. Are prenuptial agreements enforceable depends on the nature of the agreement. Legal sources suggest that valid prenups must be in writing and must be signed by both parties in the presence of an attorney. Full disclosure from both parties is necessary in order for the contract to be valid and binding. Premarital contracts are not used to decide child custody or support issues. These must be determined as in the best interest of the children. Legal sources online offer invaluable advice on how to make sure that your premarital contract is enforceable.
Couples should read the contract and then wait at least a week before signing it. However, discussing the issue with one's partner months ahead of wedding plans is the ideal situation. When prenups are contracted at the last minute before the wedding then the validity of it can be questionable by the court. Are prenuptial agreements enforceable may depend upon the state laws and on the court where the divorce case is presented. Some states require that couples renew their contracts after children are born. Some states require that couples renew the contracts periodically. Not doing so means that the contract will not be enforceable. In addition, some states are considered community property states. This means that at the time of divorce all property is divided equally among both parties.
If partners want an alternative way to approach the question, are prenuptial agreements enforceable they may want to seek premarital mediation. This is where a mediator helps both adults to openly discuss marital issues if the marriage is terminated. A premarital agreement is the result of the discussion. Each adult has his or her own attorney to look over the contract. This is the best way to make sure that a premarital contract is going to be enforceable. One's attorney needs to have a clear understanding of state laws in which the divorce might take place. The contract should specify the mediation between both adults with the witness being the mediator. A premarital mediation is a process that is said to make the agreement hold more weight in court.
Coercion is not something that should be used with either party when it comes to finding out the answer to, are prenuptial agreements enforceable. They should never be one-sided or made under duress or fraud. The contract should be fair for both adults. If one partner will be left destitute then the likelihood of the contract being enforceable in court is low. A premarital agreement should not contain frivolous demands. What it should contain is information on how assets, property, inheritances, businesses, and liabilities are divided in case of divorce. In addition, income and retirement accounts should be included.