Beach Weddings in Hawaii – Beachwed
Prenuptial agreements not just for the rich and famous anymore
By Jennifer Wirth
Florida Today
Just days before your wedding, your spouse-to-be — the one who promised to love you forever — takes out a piece of paper and asks you to sign it. The paper is an official agreement drawn up by an attorney, outlining who will get what if you divorce.
If you think this happens only to women who many affluent men like Donald Trump, think again.
Prenuptial agreements, once used only by the rich and famous to protect large amounts of wealth, are becoming increasingly common among middle-class couples — so common, in fact, that some states have enacted tougher laws to keep them fair.
The American Law Institute recommends prenuptial agreements be drafted at least a month before the wedding to allow ample time to review the contract.
A prenuptial details what each party acquired before marriage — not what will be acquired during marriage. By signing it, both parties agree to take back what was theirs before marriage.
Once married, a postnuptial agreement can be drawn to focus on dividing marital property. It spells out what each party’s rights are, and what each party agrees to waive in the event of a
divorce.
Attorneys around the country are recommending new steps to safeguard the legality of the prenuptial, including videotaping contract signings.
Unmarried couples living together also can sign a contract, called a cohabitation agreement, to define financial obligations.
Violet Woodhouse, a Newport Beach, Calif., attorney who also is a certified financial planner and author of "Divorce & Money How to Make the Best Financial Decisions During Divorce," said she has seen a definite upsurge in cohabitation agreements.
"A lot of couples are making the choice not to many and instead live together," Woodhouse said. "They may purchase a house together and put one person’s name on the deed, say, for example, because the other has bad credit. They make equal contributions. But, when they break up, what rights does the partner not listed on the deed have? None, unless there’s a prior arrangement."
When a couple breaks up, married or not, Woodhouse said, a contract helps them remain rational.
"No matter how honorable we think we are, it’s very strange how down-and-dirty people get when there is a falling out," she said.
