Marriage is no longer about sharing and splitting wealth. These days professional couples are waiting longer to get married and bringing more personal acquired wealth into the partnership than in previous generations. 62% of lawyers are seeing an increase in the number of prenuptial agreements they have prepared in the last year.
As more and more professional Millennials find their partners, they are evaluating what is important. By maintaining a realistic view of marriage, they are protecting themselves and the property they bring into the partnership.
Many are familiar with the unromantic document known as a prenuptial or premarital agreement which, in Connecticut, is “an agreement between prospective spouses made in contemplation of marriage.” At the same time, it’s important to protect one’s own wealth if that partnership should ever dissolve.
Protecting Your Wealth
Setting yourself up to protect your personal wealth is no longer a luxury reserved only for celebrities and the ultra-rich. Having a prenuptial or postnuptial agreement signed in advance can help avoid serious conflicts down the line if a marriage ends in divorce.
Tabloid reports of Matt Lauer’s impending divorce seem to surface nearly every day. It is reported that Matt Lauer and his wife, Annette Roque, entered into a postnuptial agreement in 2006. And he is not the only celebrity rumored to have a postnuptial agreement: Beyoncé and Jay-Z reportedly have one too. Most recently, comedienne and actress Ali Wong, who has used her own prenuptial agreement as source material for her comedy, is now finding the agreement to be the additional asset protection she didn’t think she’d need at the time of her marriage.
What is a Prenuptial Agreement?
A
prenuptial agreement is a contract signed before a marriage that outlines how property and assets will be divided up upon the end of a marriage. A prenuptial agreement can make sense and act as a way to prevent serious conflict in cases where one person in the marriage has much greater wealth than the other or a child or children from a previous marriage are involved. Signing a prenuptial agreement will help avoid many of the disputes that arise typically in divorce cases. These can even include wills and life insurance policies.
Here are just a few reasons why you should consider setting up a prenup before saying “I do.”
● Separate your finances
● Establish property rights and distribution
● Protect one spouse from the other spouses’ debt
● Protect your family property and estate plan
● Protect your assets in the event of remarriage
● Avoid extensive court proceedings in the event of divorce
● Openly communicate and prepare yourself for the
possibility of divorce
However, while prenuptial agreements can be invaluable for staving off conflict, there are several instances where the validity of a prenuptial agreement can be called into question and heard by the court. They are the following:
● If the agreement was not signed on a purely voluntary basis
● If the agreement is found to be “unconscionable,” or so one-sided as to be unjust
● If there were dishonest financial disclosures
● If there was lack of or ineffective legal counsel
Furthermore, if the reduction or denial of
spousal or child support would cause one party to go on public assistance, the court has the right to override any prenuptial agreement. Because of these factors, it’s imperative that you work with experienced attorneys in drawing up your prenuptial agreement. We will make every attempt to ensure that your prenuptial agreement is correctly drafted and likely to be upheld in court.
Save yourself from trouble and disagreements in the courtroom by considering a prenuptial or postnuptial agreement that spells out what will happen once the marriage ends.
Contact Our Family Law Firm
If you are looking for a family law firm serving the Westport, Stamford, Greenwich, New Canaan, or Fairfield, CT areas, rely on the team at Ferro & Battey, LLC. Our lawyers have ample experience in drawing up both prenuptial and postnuptial agreements. Let our attorneys help you
learn more about these documents and assist if you and your spouse wish to enter into one.
Contact our family law firm today for more information or to set up services.
