With divorce rates as high as fifty percent, couples that are bringing assets to a marriage are starting to think hard about protecting them should their union become a statistic.
Indeed, besides being a picture-perfect day where fantasy is given free reign, the wedding day also ushers in a big dose of reality. The bride and groom are now entering into a legally binding contract.
And to start it off properly, a couple must secure the marriage license, the requirements for which can and do vary from state to state. For instance, some states have a residency requirement and most will require a copy of a divorce decree if the divorce has been recent enough. In addition, most states carry stipulations for minors, setting the age of majority at 18, while other states still require blood tests for every candidate. And this is just the tip of the iceberg. So, the first step for any couple is to check out thoroughly their state's licensing requirements.
Then comes the hard part. Should the couple enter into a premarital agreement? Most commonly referred to as a prenuptial agreement, the concept of the "prenup" gained notoriety with the messy split between Donald and Ivana Trump, during which the world was treated to an unpleasant view of the business end of a breakup. But facts are facts, and as divorce and remarriage have become more prevalent as has the growing parity between men and women, virtually every states permits such agreements and seems inclined to uphold them.
Though any couple can enter into a prenuptial agreement, the vast majority who do so are they who have assets, such as a considerable income or a family business to protect, should the marriage end. According to Mitchell Karpf and Maria Mitropoulos-Gonzalez, family-law lawyers in North Miami Beach, prenuptial agreements are important since some states (Florida is one) will presume an equal division of all marital property. "Thus, a woman with a business that she founded 20 years prior to a marriage could be forced to give up 50 percent of the company's appreciation in value as part of a divorce," says Karpf. A prenuptial agreement, however, would allow this same woman to override state laws and maintain complete control of such assets in the event of death or divorce.
Karpf and Gonzalez suggest that couples begin the process by making a list of their individual assets and discussing what they would like to see happen to assets acquired during the marriage. The next step would be to consult with qualified family-law attorneys, one for each partner since the same lawyer cannot represent both parties in an agreement. While Karpf warns that a prenup can have "a chilling effect" for the young couple starting out from scratch with no assets to speak of anyway, Gonzalez suggests that it remains a wise tool for many couples. "If you have something to protect, maybe children from a prior marriage," says Gonzalez, "you should get one."
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