posted in Prenuptial Agreements
on Tuesday, October 16, 2012.
The last thing on a couple’s mind as they get married may be their finances. But according to some experts, this may not be a wise move. Many married couples in Stamford, Connecticut, now have prenuptial agreements that will play a large role during a divorce. Prenups often dictate the way that the division of property occurs and may indicate how much alimony or child support will be paid in certain situations.
Prenuptial agreements are usually created so that spouses can protect the wealth they have as they enter into a marriage with another person. Estimates indicate that about half of marriages with high-net-worth individuals involved have prenuptial agreements in place.
These agreements are private so some may include interesting clauses. According to one family law attorney, a couple’s prenup contained a clause saying that if one of the spouses gained more than ten pounds, it could be used as a reason for divorce. Other stipulations offered more in the prenup if one of the spouses changed their hair color.
According to another attorney, prenuptial agreements are no longer seen as negatively as they once were. He believes that since he started practicing law two decades ago, the prevalence of the prenuptial agreement has increased 10 fold.
Though they are more common, they are not foolproof.
Sometimes, a couple comes in to get a divorce and their prenuptial agreement is ruled invalid because of certain factors. One of the most common ways a prenup will be declared invalid is a piece of paperwork was not properly filled out. Other possibilities that could cause a prenup to be voided include unenforceable conditions such as agreeing to receive no child support when it is later deemed necessary. Coercion when signing the prenup and dishonesty about the value of assets that a spouse holds can also have the prenup nullified.
Source: Reuters, “Breaking up is hard to do, breaking prenup is harder,” Geoff Williams, Oct. 5, 2012