Marrying? Consider a prenuptial agreement before tying the knot
Divorce is not a likely topic of discussion when people fall in love and decide to marry here in Orange County. That is the reason why many marrying couples are adamant about having prenuptial agreements. However, although statistics suggest that there are less married couples who divorce nationally, many experts still advise marrying couples to draft and sign a prenuptial agreement.
The common misconception about a prenuptial agreement is that it is unromantic. The agreement can make it look as if the couple is looking forward to separation in the future. While this may seem awkward, the couple can lay a foundation to establish financial security post-divorce if it happens.
Every couple looking forward to being married should also contemplate that money issues will likely arise in their married life. It is important that a couple discuss their financial situations, habits, and expectations before they exchange their wedding vows. When one of the marrying parties brings a significant amount of wealth into a marriage, it is reasonable that he or she want to limit their risk.
If one of the marrying parties want a prenuptial agreement, it is crucial that the other party be involved in drafting it. A pre-formed agreement that was written by only one party’s attorney will often contain biases towards one party’s interests and may be deemed invalid by a court if the couple ends up divorcing.
Prenuptial agreements should not be made through coercion; instead the couple should be honest to each other and provide full disclosure of assets. To make sure that it is valid, it should be made in writing, and a lawyer must witness the couple signing it. Couples should also review their agreement every few years.
A mediator may help the couple establish an agreement that will be fair to both parties and that they mutually understand and deem enforceable. As such, the marrying couple may consider speaking with attorneys. The prenuptial agreement is not meant to anticipate future divorce proceedings. Rather, it aims to secure the future of both the spouses.
Source: West End Alexandria Patch, “Should I Ask for a Prenuptial Agreement?,” Virginia Colin, June 11, 2013