Define Prenuptial Agreement
A prenuptial agreement is a contract entered into prior to marriage, citing assets and debts and determining the disposition of them if the marriage ends. It's a sensible precaution for prospective couples.
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Pros
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A prenup allows you to determine your own fate in the event of divorce, rather than leave issues to the discretion of a trial court.
Cons
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In a sense, signing a prenup demands that you begin the marriage as adversaries.
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Uses
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According to Mona R. Raskin, a prominent divorce attorney in New Jersey, prenups also protect your estate in the event of death. If you leave your spouse less than the elective share under your state's statutes in favor of children from a previous marriage, it can be contested. The only way you can leave him less is if you have a prenup that supersedes existing case law.
Creation
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Nolo, a company producing legal tools for laymen, recommends that you draft your own agreement. But unless you're a lawyer, you're going to want to pay an attorney to make sure your rights are covered.
Fun Fact
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According to the Los Angeles Times, one of Amazon.com's best-selling titles in 1999 was "How to Write Your Own Premarital Agreement".
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