prenuptial agreements, how to write a fair and lasting contract (2004)

[...]... independent advice for each party is always a red flag to a judge On a practical note, having separate legal advisors can help you and your fiancé craft a lasting agreement that you both understand and that doesn’t leave either of you feeling that you’ve been taken advantage of That said, it’s best not to ask your lawyers to start writing up a draft or final agreement until the two of you have agreed on... final prenuptial agreement written up by a lawyer A good lawyer can ensure that you put together a contract that meets the requirements of your state and says exactly what you want it to say In fact, as we explain later, you will greatly improve the odds that your prenup will stand up in court if each of you has a separate lawyer review and sign off on the agreement Even if you take our advice and. .. premarital agreement is a good way to do this What do you think? Can we talk about it? I’ve got a good book about prenups, and a few suggestions and ideas Let’s arrange a time to take a look at this together.” Karen and Russ Karen’s approach was similarly direct Here is what she said to Russ: “I went to see my lawyer about the contract with the new vet we’re hiring We talked a little about coverage for... book to cut and paste the clauses you’ve chosen into a final agreement To help you see how this works for actual people, we follow three couples through the entire process You’ll meet Ted and Grace, Karen and Russ, and Steven and Freda—though these aren’t their real names—in Chapter 1 You’ll have a chance to see how they deal with each stage as they come to it, and you’ll be able to read selected parts... Karen and Russ Karen and Russ are both in their late 40s and about to get married, each for the second time They live in California, a community property state Karen is a veterinarian who has two teenage children Russ is a bookkeeper who has a six-year-old daughter Each of them owns a home After they marry, they plan to rent out Russ’s house and live at Karen’s place Both Karen and Russ want to protect... a good estate plan in place, Grace could still be entitled to a share of Ted’s estate, as Ted’s surviving spouse If Ted and Grace agree, Grace can waive her rights, in a binding premarital agreement, to take the share of a surviving spouse This guarantees that Ted’s estate plan will work the way that Ted intends 2/4 PRENUPTIAL AGREEMENTS Karen and Russ Let’s go back to Karen and Russ, introduced above... the days when married women had far fewer legal rights than today, many courts believed that a woman was at too great a disadvantage when negotiating with her prospective husband Even more unacceptable legally was a prenup that spelled out the couple’s rights in the event of a divorce Prior to 1970, such an agreement was considered unenforceable in all states because it was seen as a way to encourage... You’re Willing to Communicate About Finances Let’s face it: Although most of us marry for love rather than money, marriage is a financial partnership as well as a spiritual, emotional, and physical union Sooner or later, the two of you will need a workable understanding about how to handle your finances, even if it’s just day -to- day stuff like whether to have a joint bank account or who will pay the bills... negotiate and write up your agreement in a way that is clear, understandable, and legally sound As you progress through the steps in this book, we’ll show you how to avoid the pitfalls that could invalidate your agreement 1/4 PRENUPTIAL AGREEMENTS 2 What a Typical Prenup Covers Every prenup is unique to the couple that signs it However, to introduce you to what a prenup can include— and what you might accomplish... about what can and cannot be covered in a prenup This chapter gives you general rules about what you can and can’t do, but you’ll need to check the laws of your state to be sure that what we say here applies to you For an overview of state laws, see Chapter 4 For a summary of the laws in your state, see Appendix D 1 Keep Your Finances Separate Every state has laws designating certain kinds of assets accumulated . sepa- rate independent advice for each party is always a red flag to a judge. On a practical note, having separate legal advisors can help you and your fiancé craft a lasting agreement that you. meet Ted and Grace, Karen and Russ, and Steven and Freda—though these aren’t their real names—in Chapter 1. You’ll have a chance to see how they deal with each stage as they come to it, and you’ll.