Post by Cecile C. Weich on Jan 13, 2015 16:30:13 GMT
Marriage today is an economic as well as a romantic partnership - perhaps it always has been. One hopes that matters of the heart will flourish when issues of economics have been settled up front.
When a couple heading down the isle today is well-off, the curiosity once centered on a dowry is likely to concern the terms of a Prenuptial Agreement.
Prenuptial Agreements, also know as Pre-Marriage Contracts or Antenuptial Agreements, are no longer only the province of the rich and famous.
As social mores have changed, a growing number of couples are willing to acknowledge that their marital vows may reflect a passing phase rather than a lifelong commitment. The chances also are good that at least one partner brings into the marriage a legacy of prior entanglements.
Moreover, while it is still not common for the Husband or Wife to be downright rich, the chances are greater that at least one will enter the marriage with some significant personal financial resources.
Conjugal Contingency Plan
In these circumstances, it is no wonder that romance gives way to a dose of realism.
Prenuptial Agreements seek to head off the nastier aspects of a divorce, if one does occur, and to avoid the maneuvering over assets that can escalate in the midst of a divorce. They also are intended to minimize extensive and antagonistic discovery proceedings (a particularly unappealing prospect for persons in high-profile corporate or professional positions) once a divorce is under way.
Now more than ever, the corporate owner or executive desires protection from the devastation that can occur when divorce proceedings become antagonistic and messy. Absent the protection of a Prenuptial Agreement, that person - and even his or her company - can be besieged by lawyers looking for assets, perks, hidden income, benefits and property.
To serve their purpose, pre-assets must be divulged in the course of negotiating the Agreement. Each of the signatories must attach a statement of his or her net worth to the Agreement.