Five Situations When a Prenuptial Agreement is Necessary

The following Guest Post is from Kat Sanders:

With over 50 percent of marriages that are solemnized ending in divorce, probably the best thing you could do before tying the knot is to finalize a prenuptial agreement. Just because you and your future spouse decide to reach a consensus on how you’re going to manage a split, if it does happen, there’s no need to feel guilty about sucking the romance out of your relationship. In fact, there are many situations in which it makes sense to think with your head rather than just blindly follow your heart and end up being the loser because of it.

It’s not just the super rich who need prenups to protect their enormous wealth and vast assets; you need one too if you’re considering tying the knot and:

  • Have children from a previous marriage: If you have kids from previous marriages and want to protect their rights and the inheritance you would like to give them, you need more than just the word of your new spouse in order to do so. A well-written prenuptial agreement could ink out the terms of what your children are entitled to in the event of your untimely passing or in the event of a divorce.
  • Are paying child support and alimony: Again, you do not want your new relationship interfering with your responsibilities to your former spouse and children. If your new spouse gets it into their head to create a ruckus about the money you are paying to your other family, things could get out of hand and you end up losing your peace of mind.
  • Own a part of a family business or are in a partnership: If you’re a part owner of any business or asset, it’s best to decide how ownership issues are going to be decided in the event of a split. You don’t want a messy legal battle on your hand for property or business that is not completely yours and over which you do not have total control.
  • Are extremely practical: If you’re the kind who’s very practical and are able to face the realities of life, you know that agreeing on a prenup is just like writing your will. You are prepared for anything that may or may not happen, and if it does, it saves a whole lot of trouble for everyone else concerned too.
  • Are considering buying property together with your new spouse: Depending on how much money each of you contribute, you could decide on how this property will be split in case you both decide to go your separate ways. There are some assets that cannot be split evenly unless they are liquidated, so you can decide how to divide such property in a prenup to save you both the trouble of a long drawn out court battle in the future.

This article is written by Kat Sanders, who regularly blogs on the topic of online court reporter schools at her blog Court Reporter Schools. She welcomes your comments and questions at her email address: katsanders25@gmail.com.

Questions Couples Should Discuss Before Marriage

The New York Times reports that relationship experts believe that couples should ask each other critical questions before marrying, including the following:
  1. Have we discussed whether or not to have children, and if the answer is yes, who is going to be the primary care giver?
  2. Do we have a clear idea of each other’s financial obligations and goals, and do our ideas about spending and saving mesh?
  3. Have we discussed our expectations for how the household will be maintained, and are we in agreement on who will manage the chores?
  4. Have we fully disclosed our health histories, both physical and mental?
  5. Is my partner affectionate to the degree that I expect?
  6. Can we comfortably and openly discuss our sexual needs, preferences and fears?
  7. Will there be a television in the bedroom?
  8. Do we truly listen to each other and fairly consider one another’s ideas and complaints?
  9. Have we reached a clear understanding of each other’s spiritual beliefs and needs, and have we discussed when and how our children will be exposed to religious/moral education?
  10. Do we like and respect each other’s friends?
  11. Do we value and respect each other’s parents, and is either of us concerned about whether the parents will interfere with the relationship?
  12. What does my family do that annoys you?
  13. Are there some things that you and I are NOT prepared to give up in the marriage?
  14. If one of us were to be offered a career opportunity in a location far from the other’s family, are we prepared to move?
  15. Does each of us feel fully confident in the other’s commitment to the marriage and believe that the bond can survive whatever challenges we may face?
Source:  "Questions Couples Should Ask (Or Wish They Had) Before Marrying" published in The New York Times.

Can Prenuptial Agreements Improve the Chances for Successful Marriages?

A recent study conducted by the Harvard Law School addressed the misconception that a prenup increases the likelihood of divorce.  It concluded that a solid prenuptial agreement is likely to improve the chances of a successful marriage.

The study's author, Heather Mahar, argues that the division of assets is "the least compelling reason for average American couples to consider prenuptial agreements, since most couples do not enter marriages with significant assets."  However, "for couples who choose a traditional partnership, with one spouse exiting the workforce to raise children, agreeing in advance about how to divide assets earned during a marriage or potential future earnings can protect the stay-at-home spouse against divorce laws, which have generally eliminated long-term alimony."

This study contends that the process of creating a prenup acts as form of premarital counseling, making couples talk about what kind of marriage they want, and what legal ramifications there will be if one spouse veers off course.

Source:  "New Study Promotes Prenuptial (Prenup) Agreements for Successful Marriages" published at eMediaWire.  Thanks to Jeffrey Lalloway of the California Divorce and Family Law blog for his post about this article.