Believe it or
not nearly 50 percent of all marriages end in divorce. Most end
in expensive legal battles that cost thousands of dollars in
legal fees, emotional distress and financial chaos.
Many couples
deeply in love feel it is not romantic or gives a sense of
disloyalty if they tell their significant other about the need
to enter into a prenuptial agreement before marriage. The fact
is when you step back from your emotions-you are entering into a
business partnership. Each of you is going to be contributing,
whether financial or otherwise into this new partnership.
So the big
question is whether you need a pre-nuptial agreement. Let's
first start with the couple just starting out. You both have
jobs, no money and great expectations. The answer is yes,
because no one can predict the future. One or both may and
probably will change jobs for the better. That means more money,
assets, debts, and division of property.
If you have a
good paying job and starting to accumulate assets or been
previously married a prenuptial is a good idea so everyone knows
if this new partnership does not work there is some method to
untangle the financial web you have created during the marriage.
If you have
children from a prior marriage a prenuptial is a good idea to
protect your assets so you can pass them on to your kids.
Remember
courts look at an agreement as a contract and will uphold the
contract even if it may not be totally equal. The court will not
generally reinvent your agreement to save it. Both parties must
make a full disclosure of financial assets. A few states frown upon these type of
agreements even if written to conform to the laws of the state
where you were living when written. Even then it is better to
have an agreement because even those courts may well find your
agreement valid and fair.
You should
both have the agreement reviewed by an attorney. It insures that
each of you understands the contract you are entering into and
the court is more likely to enforce an agreement where both
parties had legal representation.
By: Stuart H. Grozbean
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