Okay, when some celebrity du jour announces their engagement to someone utterly unsuitable, everyone likes to speculate on the advisability of a prenuptial agreement. These agreements can be valuable to the rest of us, too.
Tuesday, August 5, 2008
The reasons vary. Some want to protect assets that they acquired before marriage in the event of divorce. Others want to make sure that children from a previous marriage will be provided for. Still others, who are considering giving up a career or a home in order to get married, want fair compensation should the marriage fail.
Whatever the reason, there are some basic rules that should be kept in mind. Each party should have his or her own attorney to give advice regarding the terms and conditions of the agreement. It is never a good idea for one lawyer to represent both parties. Each party should be prepared to make full disclosure of his or her assets. Failure to provide this information can result in the pre-nuptial agreement being declared null and void.