The Character of Premarital Agreements
Despite the negative impression left from B-movies premised around messy divorces, the general intent of premarital agreements (commonly known as prenup agreements) is to foster conditions that will help preserve an upcoming marriage. Part and parcel of that intent is to provide stability and predictability and protect a client’s estate from intentional and inadvertent loss. The client’s interests, broadly construed, includes those of its family members and dependents. You without doubt want to provide for your loved ones’ future needs and dreams. Additionally, when possible, you might want to minimize taxes, avoid probate, and deal with incapacity. A new marriage brings with it much joy and happiness, but by virtue of being new and including change, it can carry risk. This is particularly true for young spouses with developing financial resources and career tempestuousness. A prenuptial can offset that risk and help develop communication skills that will be critical for a long, healthy marriage. Let’s take a look at the characteristics of premarital agreements and what might cause one problem if or when it comes time for enforcement.