Is a “wedlease” similar to a prenuptial agreement?
For most people, Orange County, California, couples included, entering a marriage is a commitment to maintain a lifetime partnership. That’s why a number of couples take a tremendous amount of time, effort and finances to plan and prepare not just for the wedding but also for the marriage itself. Couples who are still a bit unsure about taking the proverbial plunge take a “look before you leap” approach and bide their time to get to know each other better.
Recently, a lawyer created the idea of a “wedlease”-a marriage contract that has an expiration date personally designated and agreed upon by the couple. The expiration could be one, five or even 10 years, whatever the couple feels is appropriate. Inspired by a tenant and landlord agreement, a couple can decide to extend the wedlease if the marriage is going well and terminate it if things are not going well.
In the event of a divorce in a wedlease, the couple can agree on the disposal terms of property and assets. Assets can be sold or profits can be split, based on the amount of money each spouse brought into the marriage.
One way to provide a widely recognized contract in a marriage would be to use a traditional prenuptial agreement. If an Orange County couple is contemplating marriage and is interested in the merits of a prenuptial agreement, the couple may wish to consult a family law professional. Legal guidance may help answer questions on what possible provisions are enforceable in a prenuptial agreement.
Source: The Street “Are You and Your Partner Ready to Sign a Lease on Your Own Marriage?,” Brian O’Connell, Aug. 20, 2013