Prenuptial Agreements
by Leena - Let's Party

What is a Prenuptial Agreement?
"Prenuptial agreements are agreements that are entered into prior to marriage and dictate the distribution of property and other items and issues of importance in the event of a dissolution."

A pre-nuptial agreement is a contract for a couple to sign before the get married, to spell out each other's rights on matters such as property, income, alimony, and inheritance. It is more of a legal issue than a religious one, and is increasing greatly in popularity. Drawing up a pre-nup is no longer exclusive to Hollywood celebrities!

A prenuptial agreement is certainly not a "romantic agreement" and has to be carefully timed and discussed before execution. However, it's not as bad as it sounds... in many cases a prenuptial agreement is set forth to protect loved ones and has the family's best interests in mind. It is a controversial arrangement and is seen as offensive by some, and as a necessity / security blanket by others.

How do I obtain a pre-nup?
A pre-nuptial contract must be drawn up by a lawyer. There are some generic "do-it-yourself" kits that are downloadable off the internet and available in bookstores, but this is certainly not the most reliable and effective method, as a prenuptial agreement is a fairly complicated and sensitive arrangement. When securing a pre-nup with a lawyer, the fee is typically dependant upon the complexity of the paperwork and the level of complication with respect to the terms of the document - similar to the creation of a will.

What does a Prenuptial agreement outline?
Anything and everything. It is personalized for the couple and is dependant on the couple's assets and issues / items of concern. Typically, when drawing up a prenuptial agreement, a couple comes to an agreement on their respective rights and obligations under the marriage or on separation, and also on annulment or dissolution of the marriage, death, etc. Typical things outlined in a prenuptial agreement (but certainly a brief and limited list) include the following:

• ownership or division of property and residences
• the right to direct the education of children
• spousal support arrangements and obligations
• business / financial affairs
• issues regarding inheritance
• any other matter in the settlement of a couple's affairs

Things to Remember:

• A Prenuptial Agreement is designed to over-ride and replace the general law concerning the marriage (either party can waive any rights given by law).
• Things change over time, and a pre-nup may no longer apply or may need to be amended over time.
• You must be forthcoming with all information when drawing up a prenup - no financial information can be withheld.

** It is strongly recommended that you contact a Family Lawyer in your region of residence before deciding on, or pursuing a prenuptial agreement. Laws change from state to state and region to region. **

Leena - Let's Party