Is A Prenuptial Agreement Right For You?
The royal wedding of Prince William and Kate Middleton will commence on April 29, and customers supporter Clark Howard wants to know if individuals are as shocked as he is at what individuals are suggesting Prince William do. There’s a fantastic deal of urging in the United Kingdom media for Prince William to sign a prenuptial agreement before the wedding. While unromantic, such marriage contracts are financially sound insurance. Source for this article – Prenuptial agreements – Not just for royalty anymore by MoneyBlogNewz.
Prenuptial agreement fundamentals
Regardless of the nomenclature – prenuptial agreement, prenup, prenupt or premarital agreement – a prenup is a legal contract signed before a marriage or civil union. The dividing of property and whatnot is divided in the prenup agreement before a divorce can take place. What occurs in the case of adultery can also be decided. This may contain child guardianship. Just like a prenup, there can be a postnuptial made although it is after a couple is married.
Divorce is a reality of life
One in three first marriages and at least half of second and 3rd marriages end in divorce, states Bankrate, so financial experts say prenuptial contracts are a good idea.
“Marriage is not just an emotional and physical union — it’s also a financial union. A prenup and the discussions that go with it can help ensure the financial well-being of the marriage,” said New York City financial adviser Nancy Dunnan.
Contrary to popular belief, a couple doesn’t have to be Prince William and Kate Middleton for a prenup to be practical. Somebody with money and assets starting off a marriage might want to protect that. There is nothing wrong with that.
“Those are sometimes the most jealously guarded assets because it has taken a lot of hard work to accumulate a small amount,” said Iowa lawyer Joseph Zwack, author of “Premarital Agreements: When, Why and how to Write Them.”
Things to make you consider a prenup
According to Bankrate, if any of these things apply and you also are about to marry or are already wedded, consult with a lawyer:
- You own a home, business, and stock or retirement funds
- Your business venture may lead to a large increase in income
- The chance of an inheritance is there. It could be coming from anyone
- You’ve children or grandchildren from a previous marriage
- There’s a significant imbalance of prosperity between you and your spouse
- One spouse is paying for another to go to college
- You need to look after elderly parents
- You have or are pursuing a medical degree or similarly lucrative license
Prenuptial agreement progress
Palm Beach County, Fla., lawyer Michael McDonough states that it is important to be honest in this. Dunnan states that you need to do it earlier rather than later. So long as both parties have an attorney – ideally matrimonial lawyers familiar with prenups and the laws of the state in which you’ll live together – a fair agreement is possible.
Citations
Bankrate
bankrate.com/brm/prenup.asp
Clark Howard
clarkhoward.com/news/clark-howard/family-lifestyle/should-newlyweds-sign-pre-nuptial-agreement/nCQsJ/
Wikipedia
en.wikipedia.org/wiki/Prenuptial_agreement
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