What is the Downside to a Prenuptial Agreement?
- Posted by Heidi C. Noll
- Posted in Legal Guides
Prenuptial agreements, which spell out in advance who gets what in the event of a divorce, are becoming more and more popular. In 2010, nearly three out of four divorce lawyers reported an increased demand for prenuptial agreements over the preceding five years. — Academy of Matrimonial Lawyers.
Consider the changes that will take place during your marriage
Before you marry, you and your spouse are still getting to know each other. During your marriage, many things may happen, and probably will, to change your joint financial status. You or you spouse may get a significant job promotion, get laid off, become disabled, inherit a large sum of money, or win the lottery. These events cannot be predicted or accounted for when a prenuptial or postnuptial agreement is signed. Another event that cannot be predicted is whether you have children, and if so, how many children you will have. Child custody and visitation are two of the most complicated aspects of divorce and cannot be addressed in a prenuptial agreement.
Consider that a divorce judge may not accept the prenuptial agreement
The judge may refuse to accept the agreement during divorce proceedings. The judge may decide that one party was not given adequate information before signing the contract or was under duress at the time. Even though many couples sign prenuptial agreements to avoid court battles, they may end up in court battling over the agreement itself.
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