Posted on June 10, 2010.
Myths marriage contract 5 Myths About Premarital Agreements
Between news coverage, soap operas and family drama, everyone has preconceived notions about premarital agreements and marriage contracts. Here are some of the most common myths, debunked:
Myth 1: Marriage contracts are only for rich people, my fiance and I are not rich and we do not need an agreement.
You can not be rich, but you definitely want to have a successful marriage. Honest discussions about how the two of you will approach finances will ensure that there will be no surprises once you're married. Talking about financial issues in advance insures that you handle money with minimal conflict during your marriage and in divorce cases.
Example: You can become rich in the future. Your education, ideas and talents may one day become more valuable than those of today. You should think about how you want to manage the division of a business, inheritance, patent, book, song, or copyright in the case of a divorce.
Example: the second and third marriages can bring conflict between children from previous relationships and new spouses. clear discussions on finances in a divorce or premature death situation to avoid any conflicts of assistance later.
Myth 2: Prenuptial agreements are designed to simply protect the wealthier spouse and strip the other spouse of all of its rights.
Reality: The contracts of marriage and before marriage should be designed to protect both spouses. Prenuptial agreements, which are unfair and completely one-sided are probably not enforceable in court. The agreement must be fair. The basic requirements for premarital agreements to be enforceable are: signing the agreement must be voluntary, it can not be unfair when it is signed, each party must make full disclosure of your assets and debts. (California Family Code Section 1615. Most states have similar laws.)
Prenuptial agreements can be designed so that individual needs are met.
Example: With a marriage contract, you will know in advance how your assets and debts would be treated if you divorce. You're negotiating the settlement of property while you're both in love with each other and you will not to thank you for your spouse's generosity or lack of generosity at a time divorce.
Example: If you need your agreement to be enforced by the court, you'll be happy that you made it reasonable from the outset (and therefore enforceable). For example, providing a reasonable support structure for your spouse in the marriage contract, in the case of divorce, the agreement defines the boundaries of the medium, the terms, amount and duration. If you left it up to a court, you have no control over any of the terms.
Myth 3: pre-marital agreements are not romantic.
Fact: Jessica Simpson does not think they were romantic, either. And there is nothing romantic in the fight against money once you're married because you never discussed how you want to manage your finances. Clearly, premarital agreements are sensitive issues, but consider this quote from Nolo Press Prenuptial Agreements: How to write a fair and sustainable contract (Nolo Press 2004):
"While the marriage contract does not appear to be a very romantic project, working together to review and choose the terms of a contract of marriage can actually strengthen your relationship. Learning to deal respectfully and constructively with each other about finances is a benefit in itself. [A marriage contract can help you converse] with each other about important financial issues that will inevitably arise in marriage. "
Myth 4: premarital agreements should address all problems that might arise in a divorce.
Reality: You can include as few questions or issues you want. Because premarital agreements are private contracts, yo.
