Hoping for the Best, Planning for the Worst: The Prenuptial Agreement
Probably no other aspect of modern marriage is so maligned, viewed so coolly, or misunderstood so much as the prenuptial agreement. Seen by many as a financial parachute for the gold digger and an insurance policy for the deadbeat, the "prenup" or "prenupt" has come to carry the stigma of marriage at its most cynical.
In its simplest terms, the prenuptial agreement is a legal document that arranges for division of property and other assets should the marriage fail. As its name implies, the prenuptial agreement is signed, notarized and filed with authorities before the wedding takes place. In many ways, it s a descendant of the ages-old marriage contract, which made provisions for separation of wealth between the bride and groom s families.
The agreement is known in some states as an "antenuptial agreement" or "premarital agreement." "Contract" is also sometimes used in place of "agreement", although for all legal purposes they are essentially identical.
Prenuptial agreements are recognized in all fifty states as well as the District of Columbia. They re sometimes considered "ironclad" - impossible to break or wrangle out of in court proceedings. Their proponents consider them an insurance policy against the acrimony of broken love, and a means of providing for family members possibly left shut out of the family fortune. The prenup s advantages include protecting the wealth that one partner may bring into the marriage, especially if there are children from a previous marriage who will need assistance in the event of the parent s untimely death. The rationale is that children should have claim on assets as much as a second spouse.
There are any number of reasons to sign the prenuptial agreement, but of course the final decision should be left up to the individual.
If you re considering getting a prenup, remember that broaching the subject alone is enough to dampen or extinguish romance, however temporarily. The prenuptial agreement is by nature an act of caution and enlightened self-interest - hardly the things of which love affairs are commonly made. Entering into the prenup should be a matter both partners discuss thoroughly and with "both eyes wide open."
Experts recommend both sides seek the help of legal counsel before committing to the agreement. Prenuptial contracts have been overturned in the past because one side lacked adequate representation. Others have been stricken down because a court deemed them too unfair. Some other examples include when a partner hides assets prior to signing, or when a partner signs under duress.
As you might imagine, once the premarital agreement is declared null and void, the course of any future negotiations often dramatically changes.
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