Prenuptial Agreements

Nearly half of all marriages end in divorce. The statistics for people who are living in partnerships is probably similar. You should therefore consider that your relationship may be temporary, whether it last one year or thirty years.

Many people do not want to raise the issue of a prenuptial agreement amidst the optimism of entering into the partnership. It could signal your doubt about the viability of the partnership. However, one can be optimistic and prudent at the same time. When you get into your car and buckle your seat belt, it is not because you expect to get into an accident.

When your relationship ends, the division of the partnership, whether sanctioned as a marriage or not, may very well involve a court case.

The factors you should consider if a prenuptial agreement if you:

1. Is your income greater than your partners or do you anticipate a large increase in income?
2. Do you own a business or are you a partner in a business?
3. Will you or your partner be going to school while the other is working?
4. Do you expect to receive a considerable inheritance?
5. Do you come into the relationship with substantial wealth relative to your partner?
6. Do you or your partner have any significant health issues?
7. Are you or your spouse involved in any litigation?

The Keys to A Fair and Enforceable Agreement

Each party must truthfully disclose their financial affairs to each other.

Each party must have an opportunity to review the agreement without being rushed, coerced or forced to sign it.

It is strongly advised that each party retain separate lawyers to review the documents.

The agreement should be detailed. Each situation is unique and cookie-cutter agreements usually do not meet the needs of the specific situation.