Are Prenuptial Agreements a Good Idea

“At first, my marriage contract seemed one-sided – my husband Ted is divorced and has children from previous marriages,” says California-based Dr. Karina von Middendorf, who first married last November. “Setting up our prenup was a months-long process that involved disagreements and back and forth. But in the end, it was helpful to go through the process as it clarified what our marriage and financial future would look like. The initiator of a marriage contract fails to trust and appreciate the balance between common sense and justice embodied in state divorce laws. These laws have been carefully crafted over a long period of time and aim to provide fair solutions for all aspects of divorce, including financial elements. A prenuptial agreement can prevent this grief and these costs. This is mostly money – what assets you and your future spouse have before the marriage and what you would get out of the marriage due to your spouse`s death or divorce. The idea of a prenup came to mind. However, like many people, you may have given up on the idea because of what you read or saw in the media.

For example, you may believe that prenups exist to protect the “richer” spouse from losing their money and assets after a divorce. The truth is that prenuptial agreements clarify financial matters; However, they are just as powerful when it comes to helping you and your spouse build trust and open lines of communication from the beginning of your marriage. Let`s take a closer look. Post-uptial contracts are similar to prenuptial contracts, but occur during marriage after the parties have tied the knot. “They`re just as enforceable as prenuptial agreements,” Lindsey says. “The reasons for such a marriage come differently – sometimes the parties who were not able to conclude the negotiations on the marriage contract before the marriage come back after the marriage, sometimes an inheritance comes before and the parties want to remedy it, sometimes a big liquidity event such as the sale of a business takes place and the parties want to address, what happens to the product. A prenuptial agreement can prevent a dispute over a will when one of the parents dies. For example, in New York State, you have to leave something for your spouse, no matter what you say in your will. A marriage contract can allow a couple to replace this law,” Brenner explains. In addition, you are optimistic and cautious. This means that you will invest and grow in both your marriage and your money.

If your income increases or the financial situation changes otherwise, a prenuptial agreement clearly describes how this new inflow of funds will be distributed. There is no need to feel upset or confused about fresh money if you are already deeply immersed in it in advance. It is possible to write your own prenuptial agreement, just as you can write a do-it-yourself divorce. “But there are a lot of subtle and not-so-subtle details that need to be taken into account that a layman may not think or may not understand,” Brenner agrees. “It may not be worth the risk of something going wrong or being overlooked and coming back to sue you.” In fact, parties are generally more successful in challenging the validity of an agreement if they have drafted their own prenuptial agreement without legal advice, Roxas warns. As soon as possible, because there are benefits to having open conversations from the beginning when emotions are not high. “You don`t want the extra stress of discussing your prenuptial agreement with your spouse or lawyer near your wedding date,” Jones says. “The time frame for entering into a prenuptial agreement is different for each couple, but I suggest entering into one at least 30 days before the wedding date. Most engaged couples keep a checklist of items that need to be completed before the big day – signing your prenuptial agreement should be on that list. “A common pattern of fact that I often see is this: the future spouse does not want to have a marriage contract, but his parents insist on it. The marriage contract has been concluded. The woman feels that her husband was unable to stand up to his parents and loses all respect for him.

The right to privacy is recognized in marriage contracts. “The parties may agree that no information or documentation may be disclosed, intentionally published or made available to any other person or entity without the prior written consent of the other party,” Roxas explains. In marriage contracts, there are often confidentiality clauses to prevent, for example, social media exposures and revealing books. “The parties may also contractually agree that all disputes will be resolved by arbitration and therefore kept out of the public,” Lindsey said. “If a party plans to be a stay-at-home parent, a prenuptial agreement can provide peace of mind that that spouse will be treated fairly in the event of a divorce.