If you were one of the many people who accepted a marriage proposal during the holiday season, chances are that you will also be asked about your feelings about a prenuptial agreement. After all, with the divorce rate still hovering at about 50 percent, you probably know someone who is a marriage skeptic. Chances are that he or she will be warning you about your soon-to-be spouse’s shortcomings that will likely lead to your divorce.
Before heeding advice about whether a prenup is right for you, it is helpful to understand what one entails. Basically, a prenuptial agreement is a contract that aspiring spouses enter into that establish the specifics for how money or property will be divided in the event of a divorce. Couples can decide for themselves what will be considered marital property as opposed to separate property.
Prenups are not limited to the uber-rich. In fact, many small business owners and people who are entering second marriages incorporate prenuptial agreements into their relationships. They help in expediting property division and work to limit such disputes.
Of course, there are some rules and limitations that marrying couples must be aware of. First, parties must certify that they have disclosed their complete financial circumstances, and that they are willfully entering the agreement without undue influence or coercion. Also, the agreement cannot include any rules that control the right of a custodial parent to receive child support. If you have questions about how to craft an agreement that works for you, an experienced family law attorney can help.
Source: HuffingtonPost.com, “Why I’m getting a prenup…and you should too,” December 26, 2013