Prenuptial agreements in Massachusetts

April 12, 2013 (Press-News.org) Prenuptial agreements in Massachusetts

Article provided by Mirick, O'Connell, DeMallie & Lougee, LLP
Visit us at http://www.mirickfamilylaw.com

Once thought to be only for the rich and famous, prenuptial agreements, or "prenups," are becoming more commonplace among couples who fit into a variety of financial statuses. Some individuals view these types of agreements as a bad way to start a marriage; however, individuals who are contemplating marriage should realize that prenuptial agreements can actually be very beneficial for them.

The law

In Massachusetts, prenuptial agreements are also referred to as antenuptial agreements. The laws of the state provide that couples may, at any time before marriage, enter into a written agreement that details the designation of various personal or real property that is either to become part of the marital estate or remain separate.

Well-crafted prenuptial agreements typically cover all types of issues that might affect one's property rights in the event of a divorce, and there are definitely pros and cons to having this type of agreement before saying, "I do."

The pros and cons

Having a prenuptial agreement in place ahead of time can be beneficial to a couple for a variety of reasons. Some of the pros of a prenup include:
-Evidence and documentation of any special arrangements that exist between the parties
-Avoiding court involvement with regard to issues concerning estate plans and property distribution
-Having proof of each spouse's separate property in order to keep it separate in the event of a divorce
-Assigning debts to the appropriate party in order to avoid sharing liability

Being on the same page about these issues beforehand can help couples avoid potential arguments later. Still, while there are clearly some benefits to having an agreement in place, there is a downside that individuals might also want to consider.

For example, it might not be the right time to have a prenuptial agreement. The parties may or may not know the answers to certain issues that will have to be covered in a prenup. Couples who find themselves in that situation may want to consider creating a postnuptial agreement instead which can be created once a few more details are known about the household.

Additionally, prenuptial agreements cannot include child custody or support issues, and any agreement that has a provision of such would not be upheld by a court. Further, if there are provisions in the agreement that are not fair to one party, a court may decide to set aside those provisions.

A final reason that a prenup might not be right is if a fear exists that such a conversation will ultimately harm the relationship. The romance might be lost if things like property and financial distributions in contemplation of divorce are talked about before the marriage even takes place. Accordingly, couples should take a deep look at their own specific situation and determine whether or not such an agreement is beneficial for them. Those who have concerns about the topic should consider reaching out to a lawyer who handles these types of issues. The lawyer can help answer all of the commonly asked questions that arise when couples consider creating a prenuptial agreement.