A marriage contract: a reasonable agreement

Introduction

More and more people are drawing up prenuptial agreements before they marry. It has become fashionable, but for others who have specific ideas of how their married life is going to be, it’s an indispensable tool. About one in every two marriages will end in a divorce. Although you love the person you are marrying and probably expect the marriage to be permanent, it’s sometimes prudent to make plans how things will unfold in the event your marriage comes to an end.

Nowadays the tendency to conclude a marriage contract is very popular. Of course there are sceptics falling into the opposing camp and debating over its necessity, but on the whole people prefer not to leave everything to chance and to secure themselves with a contact. A marriage agreement or contract is a legal document, that summarizes each person’s obligations to the other. It can be between spouses who are already married or people who are planning to marry with the intention that it will take effect on the date of their marriage. A marriage agreement identifies who each of you are and usually makes some statement about the purpose of the agreement. Then it sets out a series of promises that you each make to the other.

History of Prenuptial Agreements:

Nuptial agreements have been around for thousands of years. During the 19th century, before the Married Women's Property Act of 1848, the agreements were necessary for women in the United States. Until the act became law, everything a woman owned or inherited was transferred to her husband. If he died or divorced her, she could lose everything.

There are components that make up a valid pre-nuptial agreement. These are:

• It must be in writing – none of the states will accept a verbal pre-nuptial agreement;

• It must have the voluntary agreement and signature of both spouses;

• It must carry full or fair disclosure at the time it is executed;

• It must not be unconscionable – this means that one spouse, as a result of his better bargaining position in the relationship, must refrain from including provisions that are deemed or judged to be unfair to the other spouse;

• It must be executed by both parties (and not their lawyers) in such a way that it is recorded as an acknowledgement.

Some pre-nuptial agreements also carry a sunset clause. This means that it will expire after a certain period of time. In the state of Maine, a pre-nuptial agreement expires after the birth of the first child. In other states, these agreements will expire after a number of years and couples who wish to continue the agreement will have to renew it.

A mediator is a neutral third party who works with the couple to reach a consensus on the contents of the agreement. The lawyers stay in the background to make sure that adequate disclosure is given and to ensure that their clients understand the actual contents and nature of the agreement. The mediator leads the couple through a series of questions and answers in an effort to reach a friendly consensus about strengthening the marriage or the relationship through the agreement.

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Pros:

1. A marriage contract is a base for happy future of family members.

The purpose of a marriage contract is to protect both the bride and groom if they later get divorced. Marriage contracts do not exist solely for the wealthy, but for anyone hoping to protect children and property in a divorce. It doesn’t mean that a couple is anticipating divorce.

2. A marriage agreement can protect your business.

If you have your own business or professional practice, a premarital agreement can protect that interest so that the business or practice is not divided and is not subject to the control or involvement of your former spouse upon divorce.

3. A premarital agreement will save your property, money, assets.

It can protect the financial interests of older persons, persons who are entering into second or subsequent marriages, and persons with substantial wealth.

4. Marriage contracts help protect family ties and inheritances.

A premarital agreement can protect the inheritance rights of children and grandchildren from a previous marriage. For example, the wealthier spouse may have children from a prior marriage and may wish to ensure that his children receive their share of his assets.

5. These contracts deal with extra decisions.

These agreements are good for the extras like decisions on whether spouses will file joint or separate tax returns, what kind of education the children will receive, how the mortgage and other household bills are going to be paid, credit card spending, savings accounts, and whether one spouse will provide for the other upon death. It can also cover estate planning and who the trustees and executors will be.

6. Marriage agreements spell out how the conflict should be decided.

A premarital agreement can address more than the financial aspects of marriage, and can cover any of the details of decision-making and responsibility sharing to which the parties agree in advance.

7. A prenuptial marriage agreement regulates the situation in the event of death.

In the event of the death of one of the parties in the marriage, a prenuptial agreement will help support the estate plans desired by the deceased. The protected property can be divided among beneficiaries according to the wishes of the dying party. Perhaps there are art objects or special collection pieces that one wants to keep within the family. This matter can be included in the pre-nuptial agreement so that the surviving spouse does not auction them off or give them away. This includes property and other assets that you expect to inherit in the future.