subject: Why You Should Consider Prenuptial Agreements [print this page] Why You Should Consider Prenuptial Agreements
A prenuptial agreement isn't solely for the rich and famous. With nearly half of all marriages ending in divorce, a prenuptial agreement is a sound way to protect past and future wealth. Though the agreements can save time and money down the road if the marriage goes sour, an ill-prepared couple can make missteps in the agreement.
This can result in the prenup being deemed invalid if and when the divorce rolls around. One of the most important steps in planning for a prenup is to start discussion of the prenuptial agreement early. It is certainly understandable that many couples might be hesitant to bring up the idea of a prenup when their relationship is new and fresh. It is hard to frame the concept of the agreement in the same "romantic" terms that a new love usually requires. But waiting too long to bring up the idea of a prenuptial agreement can result in having the entire agreement thrown out.
Couples who have waited until the last month until the wedding to draft their prenup have had their agreements deemed invalid under grounds of coercion. For this reason, start planning as soon as possible. During the engagement and before the invitations have been sent out is a great time to broach the agreement with the other half of the couple. When the time comes to sit down and actually draft the agreement, it is very important that both parties have legal representation.
If there is any doubt that both sides had equal legal representation during the drafting of the prenuptial agreement, the prenup will be thrown out as invalid. During the drafting stage, it is also important to remember to be flexible, but to think long term. If there is a prolonged course of college study ahead, remember that the spouse could end up owning half the value of that degree if the marriage ends in divorce. For degrees such as business or medicine, that value is significant.
In addition to protecting financial assets, prenuptial agreements can detail arrangements for custody, care, education and upbringing of any children that may result from the union. This may be a more emotionally taxing part of the prenup, but it is often the custody battles that drag on the longest and turn the most bitter during a divorce. Adequate planning during the prenuptial agreement stage can prevent that.
Other details can and should be added to a prenuptial agreement, with the consent of both parties' lawyers.
