By Diana Mercer, Attorney-Mediator, Peace Talks Mediation Services, Inc., http://www.peace-talks.com/premaritalfaqs.php
There are a lot of misconceptions about what prenups, premarital agreements, and prenuptial agreements are and what they do. The first step in deciding whether you need a prenup or Premarital Agreement is understanding what it is.
Basically, a Premarital Agreement (prenup) is a private contract that defines certain issues within a marriage that has not yet taken place. The document typically includes information regarding spousal support and property division in the event of divorce or death. Synonym: prenuptial agreement.
Prenups are designed for couples who are looking for a way to prepare for a long-lasting, successful marriage by having deciding in advance how to handle things like:
1.Assets and debts prior to the marriage
2.Marital property and debts during the marriage
3.Credit and borrowing
4.Working and career expectations
5.Spousal support and child support from past marriages and relationships
6.Gifts from families
7.Taxes
8.Higher Education and student loans
9.Business ownership
10.Fault
11.Death or disability
For a checklist of all of the things couples need to talk about before deciding on a prenup or premarital agreement, visit http://www.peace-talks.com/checklist.php).
Do You Need a Prenup?
In spite of their controversy, Premarital Agreements really do have their place. Marriage is a legal contract, after all, so why not discuss all its components. No matter where you take your vows, your marriage starts at the court house. That has nothing to do with the romance of your union. And, if at some point your marriage ends, it will end at the courthouse. Not very romantic, we know, but we actually think that having the discussions necessary to draft a premarital
agreement actually help Family Law cement a relationship and create intimacy.
There are some frank, factual questions you can ask yourself to determine whether you may be served well by a Premarital Agreement. The questions do not judge or evaluate your love relationship. It’s simply the fact scenario of the legal aspect of your marriage.
1.Do you plan to leave your estate to someone other than your spouse when you die?
2.Do you have a portfolio of real estate, or do you expect to own real estate in the future?
3.Are your assets worth more than $50,000, or will they in the future?
4.Do you earn 6 figures, or do you hope to?
5.Do you have a stock portfolio, or do you plan to?
6.Is one of you in college? Graduate school? Is college or graduate school in your future plans?
7.Is this a second marriage for either of you?
8.Are you of different religious faiths?
9.Do you want to have children?
If you want to talk about a prenup with others also thinking about it, be sure to visit the About Peace Talks Premarital Blog http://www.peace-talks.com/premaritalblog.php)
You may research Premarital Agreements and go over the checklist and decide it’s not for you after all. It helps to know what you are choosing based on fact rather than our Hollywood stereotypes of Prenups.
The Equality in Marriage Institute acknowledges the benefits of Premarital Agreements and graciously provided an e-book called The Commitment Conversation which is available at http://www.equalityinmarriage.org/d/News/headlines.html.
Once you’ve done your research and made the decision to move forward with a Premarital Agreement, you can prepare to have the awkward conversation. The more comfortable you are, the better it will go. Remember to be flexible and open. Don’t rush into issue. Feel into the situation and watch your partner for social cues. It’s important not to let fear enter the discussion and create unnecessary drama. Share your feelings back and forth and do not expect the conversation will be resolved in one pass. Bringing up the prenup is the beginning of a long, thoughtful conversation that builds trust and intimacy.
Authorbio:-Peace talks is a Los Angeles family law mediation firm offering services including divorce mediation, Parenting Plan Mediation, Premarital Mediation in Los Angeles, Playa Del Ray areas.