Prenuptial Agreements: The Deal Breaker?

So you're toying with the idea of getting married? Maybe somebody has mentioned a Prenuptial Agreement (Prenupt) or maybe you've never thought of it before. Regardless, just as you're an educated consumer you might also want to take a look at the advantages of having a prenuptual agreement before leaping into marriage.

The truth of the matter is that asking your fiancee' to sign a Prenupt is not the most romantic thing you will ever do. Below are a few tips on planning a marriage with all the love you have for that other person.

Understand what it is and what it is not.

Some couples forgo the Prenupt conversation for fear that their partner may suspect that they have reservations about the solidness of their relationship. The best thing about a Prenupt is that is does exactly what is suppose to do, it either breaks you up before you commit financial suicide or it makes your relationship even stronger. Ironically, and contrary to long held common belief, according to family surveys, men and women sign Prenupts at an evenly low 16% rate across the table. Increditably, women have a higher percentage of initiating a Prenupt agreement than men.

Know who it applies to.

Whatever the gender, a Prenupt is especially vital to young adults starting out in their respective careers. In New York a spouse may be entitled to a significant percentage of the value of a professional license earned during the marriage or a master degree earned during the marriage.

Basically, if your spouse supported you--even by giving you gas money, for example--during your days as a law school, medical school or business school student, then come divorce time you essentially may be working your entire life for your former spouse.

Why? The reason for this is simple but the emotions are a lot more complicated. Because the math formula used to calculate the value of the license contemplates the value amount you will make during your entire working life, the law says that your spouse can possibly collect money decades after the divorce.

It's true: the average couples who walk down the aisle don't want to think about potential future financial disagreements. In fact, they don't even consider the future need of having to deal with a divorce and all of its headaches. Regardless of your confidence in the relationship though, the US national divorce statistics give a more realistic, sobering view of marriage and its potential disadvantages.

Take a look at the statistics and be honest with yourself.

According to the United States Census Bureau, more than fifty percent (50%) of all marriages end in divorce. In 2002 there were 136,684 marriages in New York, and in that same year there were 65,428 divorces. New York is in part with the rest of the country where the divorce rate is at 52 percent. Those numbers are especially hard to accept if you were a couple contemplating any kind of legal union.

Understand a Prenupts true importance.

So how important is a Prenupt in light of these awful statistics? Imagine having to choose between keeping the family's business or having your former spouse for a business partner!

Who's it for?

Some people may suggest that a Prenupt is only for those wealthy forks. This could not be any further from the truth a Prenupt is for everyone. I always advise my clients to consider a Prenupt whenever they are considering marriage. A Prenupt is as essential to a marriage as a wedding ring nobody should get married without one.

Why is it important?

The average working class couple owning no property or significant assets should also sign a Prenupt, because chances are they will inherit property or other during their marriage.

This could be you. For example, remember the classic example illustrated by Colombian-born Juan Rodríguez, who was the sole winner of the New York's lottery multi-million dollar jackpot? Rodríguez, had arrived in the United States in 1982 and worked as a parking lot attendant for most of his life. Even though he had been separated from his wife, he never tried to divorce her for lack of money. Mr. Rodriguez did not have a Prenupt. His estranged wife who was living apart from him at that time, received nearly half of his winnings in a divorce that was filed days after he won the lottery. Had a prenuptial agreement been in place, she never would have gotten a cent.

Save yourself the headaches.

It's unfortunate that couples sometimes overlook this very important agreement before they commit to a lifetime financial partnership.

A Prenuptial agreement is very much like a road map: it guides you along the ride of marriage. Think about it this way: just like going on a long cross-country trip, requires a good map to guide you, so to does marriage require a Prenupt agreement.

Most people find they need something to help them understand as much as possible the intentions and goals and emotional needs of the other person BEFORE they commit their life in marriage. With a Prenupt, once you encounter marital problems you'll always have the written agreement as a reference to put you both back on track.

Odalis M. Encarnacion, is a Family Lawyer in private practice in New York City. For more information you may call him @ (718) 651-5283 or visit him on the web: http://www.encarnacionlaw.com or contact him via email: info@encarnacionlaw.com

Prop 8: Gay-Marriage Ruling Expected Today TIME VIDEO: A Gay-Marriage Wedding Video The 9th Circuit does not typically give notice of its forthcoming rulings, and its decision to do so Monday reflects the intense interest in the case. Even if the panel upholds the lower court ruling, ... and more »

rachel-greenwald-critics Westword Her only definition of success (aside from her own hefty financial take, apparently) is a marriage, wedding and honeymoon, and she admits even that success is rare. If there is so little enduring happiness or success in her business or the matches she ...

Scotland's opposition parties back same-sex 'marriage' Lifesite At the signing event, which included cutting an “equal marriageâ€� wedding cake, Conservative Party leader Ruth Davidson said, “I support the Equality Network's Equal Marriage campaign. … The Scottish Government will bring forward legislation on gay ... and more »

SheKnows.com

JCPenney to boycott group: We're sticking with Ellen SheKnows.com The group wants supporters to stop shopping at the store for featuring a same-sex marriage wedding cake decoration in a catalog ad." "In the hopes of making sales, your company has instead offended many customers in the process. and more »

The Christian Institute

Scots opposition leaders sign pledge to redefine marriage The Christian Institute They also cut an “equal marriageâ€� wedding cake – a symbolic gesture which was designed to show their support for rewriting the definition of marriage. The Scottish Government's consultation on redefining marriage closed in December after receiving tens ... and more »

PerezHilton.com

J.Lo Isn't Thinking About Marrying New BF Casper Just Yet!! PerezHilton.com Tags: bride, casper smart, divorce, hearts and fuzzies, jennifer lopez, jlo, love, marc anthony, marriage, wedding So we've heard what Paula Abdul had to say about getting fired, and we heard what Nicole Scherzinger had to say about the ax.

Business Insider

3 Tax Tips Every Newlywed Couple Should Know Business Insider If you have very high medical expenses and a low adjusted gross income, filing separately means you could deduct more of these expenses. However, if you filed jointly, you may not benefit from this deduction. newlywed - marriage - wedding.

Business Insider

NEWLYWEDS: Renting Could Be The Smartest Move For Your Future Finances Business Insider ... is that it can be as temporary or long-term as you like, especially as your family grows. "There are just some things you don't think about when you're a newlywed with stars in your eyes,'" Bohutinsky said. newlywed - marriage - wedding - couple.

ABC2 News

WA Senate approves bill to legalize same-sex marriage ABC2 News If opponents aren't able to collect enough signatures, same-sex couples would be able to be wed starting in June. Otherwise, they would have to wait until the results of a November election. Marriage Wedding Married hub generic 640x480_20100616142339_JPG. and more »