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While not exactly the glamorous side of a marriage
proposal, the idea of a prenuptial, or ante nuptial,
agreement is something that most people about to be
married should discuss. In case a marriage doesn't work
or one spouse dies before you have a chance to do a
comprehensive estate plan, a prenuptial agreement can
safeguard assets, protect one party from the other's
debts, and make any possible divorce proceedings go
more smoothly without unnecessary rancor.
Some prenuptial agreements can cover day-to-day details
such as who will pay the mortgage and other bills or
how child care is to be handled. Since more couples
are signing prenuptial agreements, you need to discuss
this openly with your intended spouse. If you both feel
a prenuptial agreement fits your situation, you each
need to see a lawyer to discuss it further.
Even though more prenuptial agreements are being signed
then ever before, it is something to consider only if
one of the following applies to you:
- If either of you have children from a previous marriage.
- If you own a business or are involved in a family
run company.
- If either one of you have significant assets which
you want to keep separate.
- If you are concerned about the amount of debt of
the other party.
- If you are giving up a lucrative career to get married.
Once you have decided if you need a prenuptial agreement
and what should be in it, the question becomes whether
or not it will be valid and enforceable. There are certain
essentials to creating a valid prenuptial agreement:
- The agreement must be in writing and executed before
the marriage, preferably in front of a notary public.
- Neither party should be put in the position of having
to sign the agreement on short notice. If your future
spouse confronts you with an agreement on the day
of your marriage, it will probably not be enforceable.
- The agreement must be fair and reasonable under
all of your circumstances and based on full disclosure
by both parties of all assets and liabilities.
- One lawyer cannot fairly represent both parties.
Each party to the agreement should have their own
attorney to prepare/review the document and answer
all of your questions before signing.
The sooner before the wedding date that you prepare the prenuptial agreement the better it will be for both of you and your relationship. Either party broaching this subject is likely to be suspected by the other of lack of trust. However, since more then half of all marriages do end in divorce, having a prenuptial agreement should be considered a very practical thing to do and not a doomsday expression of your marriage's chances. In fact, open communication with your new partner could be the best way to start a new relationship.
PRESENTED BY:
Bernard J. Berkowitz, ESQ.
BERKOWITZ & RAIKEN, LLC
170 CHANGEBRIDGE ROAD
MONTVILLE, NJ 07045
973-808-2003
BJBERK@aol.com
http://www.realestate-attorney.net
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