Do You Need A Prenup?

A prenuptial agreement, commonly abbreviated to prenup or prenupt, is a contract entered into prior to marriage, civil union or any other agreement prior to the main agreement by the people intending to marry or contract with each other. The content of a prenuptial agreement can vary widely, but commonly includes provisions for division of property and spousal support in the event of divorce or breakup of marriage. They may also include terms for the forfeiture of assets as a result of divorce on the grounds of adultery; further conditions of guardianship may be included as well. It should not be confused with the historic marriage settlement which was concerned not primarily with the effects of divorce but with the establishment and maintaining of dynastic families.

In some countries, including Belgium and the Netherlands, the prenuptial agreement not only provides for the event of a divorce, but also to protect some property during the marriage, for instance in case of a bankruptcy.

Many countries, including Canada, France, Italy, and Germany, have matrimonial regimes, in addition to, or some cases, in lieu of prenuptial agreements. Postnuptial agreements are similar to prenuptial agreements, except that they are entered into after a couple is married.

Unless you do listen to the news you know that Rupert Murdoch has divorced his wife, Wendi. And if you have heard any details about the split, you also know that the couple probably has a prenup.

Prenuptial agreements are common among the financial elite, like the Murdochs, for good reason: When they divorce, the settlements can be astronomical. Murdoch knows this all too well, since the cost of his divorce from his second wife, Anna, reportedly topped out at $1.7 billion. 

Very few people have that much of a financial risk, but if you want to protect your current assists a prenuptial agreement may be a necessary part of your marriage plans. Often, the people seeking out prenups are people who have been burned in a previous divorce. They may want to head off a costly settlement, or protect the interests of children from a past marriage, or both. People who have been through a bad divorce have more moral needs to negotiate.

At WHYmediate?, Find out why mediation will allow you to resolve marital conflicts in a positive learning environment that covers how to deal with all the special days in your life.

WHYmediate? Mediation Services
4500 South Lakeshore Drive Suite 300 
Tempe, AZ 85282 
(480) 777-5500
http://whymediate.solutions