Prenuptial Agreements, also referred to as Antenuptial Agreements, are often viewed in very negative manner and are thought to be “planning for failure” or “admitting that the marriage will end in divorce.”  However, there are many good and positive reasons to enter into a prenuptial agreement that are not necessarily planning for divorce or for the marriage to fail.

A prenuptial agreement will address the possibility of divorce, but it will also address the distribution of property and assets upon the death of one of the spouses in a marriage.  In this sense, a prenuptial agreement is more of an estate planning tool and is immensely helpful in providing clarity upon the death of a spouse.  This is especially true when the parties contemplating marriage have been married before, have child(ren) from a prior marriage or relationship, or are getting married later in life.

A valid prenuptial agreement can be used as an estate planning tool and will allow both spouses in the marriage to provide for their children, family members, etc. that are not of the current marriage.  For example, it is not possible for one spouse in a marriage, upon his or her death, to leave all (100{a8fb0cc56c3af9d3ff26426aee10be724886936b5f4662d1260191260e82f81d}) of his or her property/assets to his or her children from a prior marriage without a prenuptial agreement that provides for such circumstances.  Prenuptial agreements are also useful tools for anyone getting married who may own a business (including a dental practice), brings substantial assets into the marriage, has inherited wealth, or when there is a large disparity of income between the two future spouses.

In order to be valid, a prenuptial agreement must be in writing and it must be entered into prior to the marriage.  The prenuptial agreement must disclose all assets and liabilities of both parties and their respective financial positions prior to their marriage.  Further, the prenuptial agreement can not be so one-sided as to be unfair.  The future spouses must enter into the prenuptial agreement of their own free will without coercion, fraud or while under duress by the other party or anyone else.  It is advised that both parties to a prenuptial agreement seek their own legal counsel as one attorney is unable to represent both parties in any legal matter.  Lastly, any prenuptial agreement should be entered into well in advance of the wedding date to allow for full disclosure of assets and liabilities, negotiations between the parties, and time for both parties to fully understand what is contemplated.