Friday, May 11, 2012

Divorcing Before Marriage: Prenuptial Agreements?




With the recent demise of the marriage of Deion Sanders and his wife Pilar, a recurring issue has once again reared its ugly head: Prenuptial Agreements.



Why is that we hear all the time that the spouse is challenging the prenuptial agreement? Isn't that the whole point of getting one in the first place? So that if in the event that you and the  boo can't make things work  there won't be a big nasty divorce battle;an ugly fight about who gets what and who keeps the kids. Well, yeah. that is the idea, but the fact is prenuptial agreement are often thrown out and judges have a lot of discretion in deciding if they should be upheld or not.


Let's Talk Flirty about Prenups and why they are often challenged.

What is a Prenuptial Agreement (Prenup)?

A prenup is  a contract between two people allowing them to plan for their financial future together or apart.

Prenups can be a good tool to do the following things:
  • Provide for children from a pervious marraige in the event of your death.
  • Limit your liability for debt accrued by your spouse before marriage.
  • Protect your current and future assets from large alimony/spousal support payments in the event divorce.
  • Assessing you and your future spouses financial status before marriage.

Aren't Prenups Legally Binding Documents?

Yes. Just like other contracts, prenuptial agreements are legally binding, as long as they are:
  • are entered into freely by both parties
  • are fair to both parties
  • disclose all assets available to both spouses at the time of signing  or do not waive this disclosure
 

So Why and How are Prenups Challenged?

Prenups are challenged are often challenged based on the following grounds

  • The agreement was signed under duress
This argument is often successful when the spouse challenging the agreement says that it was presented to them right before the wedding.  With announcements made, invitations sent out and the wedding planned and less than a week away, I couldn't say no.
  • The  agreement is unconscionable (unfair in some way)
I did not have adequate disclosure of my spouses assets at the time I signed the agreement.
The agreement waived my right to spousal support and I can't maintain my lifestyle.
I did not have a lawyer representing me at the time I signed the agreement and did not understand what i was signing.

  • The agreement attempts to provide for child custody or child support
  Judges will throw this one out quick. Courts will decide child custody and child support based on what is on the best interests of the child.


Should you get one? Is it writing a recipe for disaster in a marriage?  If you have one and things don't work out in the marriage, should you try to get out of it by claiming one of the challenges mentioned above?

Let me know what you think. Talk Flirty!!