prenuptial agreement

Do you need a prenuptial agreement?

While prenuptial agreements aren’t for everyone, they are an absolute necessity for some people.  I cannot tell you how often I have someone sitting in my office surmising “I wish we had signed a prenup.”

As you may or may not know, prenuptial or antenuptial agreements, colloquially referred to as prenups, are generally contracts entered by parties prior to their marriage (or civil union in some states).  The substance of prenuptial agreements can vary, but typically they address the divorce issues of property division, property rights, liabilities, debts, and alimony.  A properly drafted prenuptial agreement should address the commingling of separate and joint property.  (Note, prenuptial agreements cannot address custody and child support, because the best interests of the children controls at the time of divorce.)

But how do you know if you need a prenup?  While I encourage you to discuss this question in confidence with a lawyer trained in this intricate area of family law, I think the following checklist of questions will help guide you in determining if you should have that discussion with an attorney.  If you or your future spouse answers “yes” to any of the following, a prenup might be appropriate for you:

– Do either of you consider yourself high net worth individuals?
– Do either of you have significant stock holdings, stock options, profit sharing, bonds, other investments, or cash?
-Do either of you own any real estate (including investment / rental property)?
-Are either of you a business owner?
-Do either of you currently earn more than $100,000.00 per year?
-Is there a disparate difference between your income / assets and those of your future spouse?
-Do you want your estate (or a part of it) to go to your children (and/or children of a former marriage) instead of your spouse?
-Do either of you have professional licenses or degrees?
-Do either of you have significant family wealth or expected future inheritance?

While this checklist is not intended as an all-inclusive list, it is one that should at least start the conversation with yourself (and perhaps your future spouse), about whether a prenup is appropriate.  Again, I encourage you to speak with an attorney who specializes in this area of law if it is something that you are considering or are on the fence as to whether or not a prenup is right for you.


Eva v. Tony, “upping the prenup”?

Just like the rumors in the Tiger Woods divorce, there are rumors that the first time Eva Longoria caught Tony Parker cheating, she asked (or told?) him that the amounts she was to receive in their prenuptial agreement, in the event of divorce, must be increased. And if true, he likely complied because he loves his wife, wanted to stay married and felt guilty.

Relationships are very interesting and are what makes the human world go around. Money as punishment? Is that right? Well it happens all the time. Personal injury awards grant a victim of a car crash money, but does money replace a loved one, or a fractured bone? Slander claims often result in money damages, but does that undo the damage to reputation? I would submit that this example of “upping the prenup” is a way to artificially incentivize people to be monogamous or faithful. Is it right? Who knows, it is not for me to judge. But just thinking about the concept is interesting, at least to me. We use money to incentivize, to punish and to reward. Shouldn’t we be able to accomplish what we want without that? If the cheated on spouse still loves the other and wants to stay together, why ask for more money? If the cheater is truly regretful, why not just give the other whatever he/she asks for? In the end it seems we are all individuals. Maybe I am jaded as a divorce lawyer, but even I believe there are many, many people who instead of discussing money would simply discuss the relationship. If they both want it to continue, it will, if not, then it’s over. But of course it’s never that easy, is it?