Prenuptial Agreements: Not Just For Hollywood

April 04, 2012

From Kim Kardashian and Kris Humphries to Tom Cruise and Katie Holmes, prenuptial agreements abound in Hollywood. Although most people are not concerned with protecting millions of dollars, prenuptial agreements may be more important now than ever before.

Prenups provide both people with protection, not only of personal assets but also from each other's debts. Two things have resulted in many people finding themselves with large amounts debt before walking down the aisle: the increasing age of people marrying and the current economic crisis.

Many young professionals own homes or are paying off car loans, others have received a higher degree and incur debt while struggling to pay student loans. In addition to paying off various debts, the economic crisis has made it difficult for some to find jobs or has resulted in a period of unemployment requiring the use of credit cards to cover living expenses. Regardless of the reason, it is important to be aware of and plan for all levels of debt before saying "I do."

There are Other Reasons to Consider a Prenup

Although debt is an important reason to consider a prenup, it is only one of many. Another compelling reason is children, especially when children are present from a previous relationship. In Missouri, at death a spouse is entitled to ownership and management of a portion of property. However, it may be more desirable to provide these assets to children. In these cases, a prenup can be crafted to meet your particular needs.

Prenuptial Agreement Tips

When creating a prenup, remember to be candid. For a prenuptial agreement to be enforceable both parties must disclose all income and assets.

It is important to complete the document well before the wedding date, providing ample time for clarification and alterations as needed. Most courts will hold a prenuptial agreement presented to a spouse on the way to the wedding invalid and unenforceable.

Also attempt to work through the process logically, discuss money and assets not love and infidelity. When preparing such sensitive documents, it is wise for the spouses to seek separate representation to ensure all legal rights are protected.

For help creating a prenuptial agreement, speak with an experienced Missouri family law attorney.

Article provided by The Marks Law Firm LLC
Visit us at www.themarkslawfirm.com