Thursday, April 28, 2011

A prenuptial agreement can save you agony

Prince William and Kate Middleton’s noble wedding is set for April 29, and rather than the fairy-tale front, consumers promoter Clark Howard is marveling at the undercurrent. There’s a great deal of urging in the United Kingdom media for Prince William to sign a prenuptial agreement before the wedding. While unromantic, such marriage contracts are monetarily sound insurance. Article resource – Prenuptial agreements – Not just for royalty anymore by MoneyBlogNewz.

The facts about prenuptial agreements

There is a contract made before marriage or civil unions called a prenuptial agreement. Sometimes it is also called a premarital agreement, prenupt or prenup. The dividing of property and whatnot is divided in the prenup agreement before a divorce can occur. Provisions for child guardianship and forfeiture of assets in the event of indiscretions like adultery may also be present.

After marriage, a postnuptial agreement can be made too. It is just like a pernup.

The entire divorce taking place

When it comes to divorce, this is the way one in three first marriages end and one in 2 second marriages end. This is why Bankrate suggests everyone get a prenup.

“Marriage is not just an emotional and physical union — it’s also a financial union. A prenup and the discussions that go with it can help ensure the financial well-being of the marriage,” said New York City financial adviser Nancy Dunnan.

Prince William and Kate Middleton are not the only ones a prenup is for. It can be for anyone. Someone with money and assets starting off a marriage might want to protect that. There is nothing wrong with that.

“Those are sometimes the most jealously guarded assets because it has taken a lot of hard work to accumulate a small amount,” said Iowa lawyer Joseph Zwack, author of “Premarital Agreements: When, Why and how to Write Them.”

Knowing when a prenup is essential

According to Bankrate, if any of these things apply and you are about to wed or are already married, consult with an attorney:

  • Your assets consist of retirement, stock, companies or a home
  • Your business venture may lead to a large increase in income
  • The chance of an inheritance is there. It could possibly be coming from any person
  • There are children from another marriage. There could possibly be grandchildren also
  • The balance of prosperity between you and your spouse is not the same
  • One spouse is paying for another to go to college
  • There are elderly parents that need care. They might need care soon too
  • You’ve a medical degree or are trying to pursue one. Any lucrative license counts

Making your way to a prenup

Palm Beach County, Fla., lawyer Michael McDonough says that it is very important to be honest in this. Dunnan says that you have to do it earlier instead of later. It is possible to have fair agreements as long as there are attorneys on both ends of the agreement.

Articles cited

Bankrate

bankrate.com/brm/prenup.asp

Clark Howard

clarkhoward.com/news/clark-howard/family-lifestyle/should-newlyweds-sign-pre-nuptial-agreement/nCQsJ/

Wikipedia

en.wikipedia.org/wiki/Prenuptial_agreement

‘He fell in love during the flight’

youtube.com/watch?v=qG9aVr9GY_Q



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