Prenuptial Agreements:The Good, Bad & Ugly

I do not think this is what Benjamin Franklin had in mind…

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pre·nup·tial a·gree·ment- an agreement made by a couple before they marry concerning the ownership of their respective assets should the marriage dissolve.
  • Also known as a Premarital agreement or “prenup” is a fairly common legal step taken before marriage. A prenup establishes the property and financial rights of each spouse in the event of a divorce. Prenups are often used to protect the assets of wealthy spouses but also can protect family businesses and serve other important functions. FindLaw
  • Prenups can be GOOD, especially in a second marriage.  They can protect the rights of the children from the first marriage and serve a useful and legitimate purpose. Prenups can also define, with great specificity what happens in the event of a divorce or death of a party of the marriage.  Knowing your rights can be a very good thing.
  • Prenups can be BAD. If you agree to a bad deal and the process used otherwise complies with the requirements of a valid prenup; sufficient time between presentation, execution and the marriage; reasonable opportunity to have independent counsel of your choosing; and full financial disclosures, even a bad deal would be enforceable.
  • Prenups can be UGLY. It is a hard “sale” when asking your one true soulmate to consider what happens if your union is dissolved. Also, if the prenup is so one-sided that it is deemed unconscionable (totally unfair on its face) it can be invalidated.

Matthew Thompson is a Family Law attorney in Mississippi and reminds you of the words of Kanye West in Gold Digger, “if you ain’t no punk holla we want prenup.”

Follow the blog: BowTieLawyer. You may also contact Matthew with your family law case, question or concern at (601) 850-8000  or Matthew@bowtielawyer.ms

 

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