Your thoughs on prenupual agreements

[Five1ofFun]

What do you think of prenupual agreements?

Is it planing for disaster or just smart planing?

What do you do if one person wants one and the other does not?

[dlb]

My idea of a prenuptial agreement is this-talk to each other about what you need in marriage, what you want and what you are willing to give and how you are willing to act in a marriage. Talk about who's going to be the head of household. If you can come with something that seems doable you get married and if not you don't.
Marriage is itself a contract between two people to try and make each other's lives more complete. You don't marry a person who seems unwilling or unable to that for you nor do you get married when you feel unwilling or unable to do that for the other person.

[dancingdoc2]

I tend to agree, however, people are people and sometimes tend to change the game plan.

If a person is wealthy and has substantial assets prior to a marriage and depending upon the laws of the state in which they reside, a prenuptial agreement may be in order.

If a man or woman owns their own home and then marries and then adds the spouse to the deed the house ceases to be his own separate property. Upon divorcing, if the other party is agreeable to deeding the property back, I don't see any reason for a prenup. If there is some question about whether this will be done, then, yes.

These agreements seem to me to be for the very wealthy and for people with substantial separate property. This is a way for them to maintain inheritances and separate property. Joint property accumulated during the marriage should be divided 50/50 or at least equitably. This is why we have divorce lawyers when a couple cannot make agreements on their own. Except as noted, above, I see no need for a prenup for the average couple who do not have much in assets and what there are can be clearly traced. Joint custody is just that. If a business is a family operated entity, then there has to be some way to assess its worth before dividing it up. I cannot address financial matter like retirement plans, etc.

[EvilEvilKitten]

Pre-nuptual agreements are an unfortunate necessity for those with SIGNIFICANT, by which I mean over $1 million, in assets and may be written to protect the assets of either partner. Now, the thing to make sure of is to make the agreement FAIR else it will be thrown out by the courts.

However, there are better instruments available and both parties should consult a financial planner BEFORE they enter into any agreements whatsoever. Married life has enough pressures without adding in a pre-nup.
If the financial advisor/planner decides a pre-nup is in order then he/she will send you off to an attorney - BOTH should then go together to see this attorney.

Consult a financial planner/advisor or an attorney for more information.

[GreyShadow]

CYA....

....it's always a good idea, especially in today's society.

[Buck Naked]

For me, it definitely was not needed.

[wet_suit_one]

Hmmm.... No comments on this one.. But if I had my druthers, pre-nup. Even with assets of less than 1 million. For men especially, pre-nups are advisable. You have a better idea of what will happen if things fall apart.

Do note that in some jurisdictions, pre-nups are not the end of the matter and courts will tear them up and put in place what they feel is just. See your local legal advisor (i.e. lawyer) with expertise on the matter for advice.

Marital breakdown is a b*tch. The legal aspect of it doesn't help. Especially given that marriage today as conceived has a whole lot less to do with marriage's legal roots than it used to.

[EvilEvilKitten]

NO. The costs involved are enough to make the pre-nup only useful for those with, as I have said, SIGNIFCANT assets and there are other, less costly and less inefficient methods available to protect your assets in case of divorce.

If you want to really protect your assets - don't get divorced or don't get married in the first place..

[Buck Naked]

Originally Posted by EvilEvilKitten

If you want to really protect your assets - don't get divorced or don't get married in the first place..

Smartest statement I've ever heard on the subject.

[wet_suit_one]

Originally Posted by Buck Naked

Smartest statement I've ever heard on the subject.

I concur. However, depending on what jurisdiction you're in (the laws differ on this point from place to place), not getting married may not be enough.

Ah well, that's the fun of living in a society of laws. You never know which one is going to bite you in the a$$.