Wednesday, April 1, 2009

Another Prenuptial Agreements Pro and Con

Out of Canada comes Pros and Cons of Prenuptial Agreements with a good argument against prenup agreements and an even better argument for.

"There are a few downsides of entering a prenuptial agreement. The contract may require one to lose out on assets normally acquired from their partner if he or she dies. They can cause resentment or an air of distrust. If one engages heavily in helping their partner’s business succeed, they may end up undercompensated. Blinded by love, some may agree to terms they really shouldn’t have only to realize their error after it is too late. They can be invalidated if a party forgets to mention some of their assets (the house in Guam you won in a poker game 14 years ago and have never been to). Prenuptial agreements can give off a sense that one does not expect the union to last a lifetime. Lastly, having your partner sign one does not send a romantic message.
The following contains one of the best arguments for a prenuptial agreement:
Although there are definite downsides to having one, prenuptial agreements may be necessary. Ex-spouses may depend heavily on promises you have made. Ensuring that these are kept can sometimes be more important than your current partner’s objections to a prenup. Make sure to consult with your lawyer or lawyers on your legal rights."
Over the years of discussing prenuptial agreements I do not recall any other speaking of the promises made and the reliance made upon them. After all, what is marriage but a series of mutual promises and reliances?

So, reader, do you have an opinion? If you do have an opinion, please add a comment below.

If you are looking for a lawyer to review or write a prenuptial agreement, give me a call at 765-6417906.

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