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A Pre-Nuptial Agreement
is a legally-binding contract entered into by prospective marriage
partners prior to their wedding. These agreements are designed
to memorialize the parties intentions regarding how they will
handle their financial relationship after they are married.
Pre-Marital Agreements may be used simply to confirm the separate
property that each party is bringing into the marriage, or the parties
may choose to define for themselves whether and to what extent the
community property laws will apply to assets acquired after the wedding.
A prenuptial agreement may also provide for limitations and even waivers
of spousal support (alimony), but only if the party giving up potential
rights is represented by independent counsel.
In
considering a Pre-Nuptial Agreement, one should contemplate not only his/her desires
regarding financial affairs, but the effect the agreement itself, and the negotiations
surrounding it, will have on their future relationship with their betrothed.
Sometimes, discussion of the proposed agreement can create undesirable tensions in a
relationship. On the other hand, laying ones cards on the table and frankly
discussing the financial underpinnings of the marriage in advance may make the
relationship stronger.
We recommend that any Pre-Nuptial Agreement should be discussed
and completed well in advance of the actual wedding ceremony so that each party will have
the opportunity to soberly and rationally make the choices and decisions necessary to his
or her best interest.
An agreement which is entered into on the
eve of the marriage may later be subject to claims of coercion or
undue influence and its validity could be challenged in court. We
recommend that each party have the agreement reviewed by an independent
attorney of his/her own choosing, because, depending on the terms
of the agreement, it could have a very substantial effect on the
individual rights of each party during the marriage and in the event
of a subsequent divorce. In fact, new laws went into effect
in 2002, which call into question the enforceability of any prenuptial
agreement as against a party who did not have his or her own independent
counsel when the agreement was signed.
We regularly assist clients in the preparation or review of
pre-nuptial agreements. We can also suggest the names of other counsel to be
consulted by the clients future spouse. |
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