Showing posts with label premarital agreements. Show all posts
A Trend in Diamonds?... Have you considered a Prenup?
According to a recent post by a jeweler that specializes in diamond rings, Brown Diamond Rings may be the next big trend. Upon hearing this, I was immediately reminded of a scene from one of my favorite movies, Beautiful Girls, in which a guy tries to explain to his friends the brown diamond ring he bought for a girl who just broke up with him:
So, if you're considering following the trend, and buying a brown diamond engagement ring, we wish you the best of luck. But maybe you should also check out some information on Prenuptial Agreements.
Just like a brown diamond, a prenuptial may not be traditional or romantic. But at least a prenuptial agreement can help both you and your future spouse ensure that you are clear and up front about your plans for separate and joint finances. Even if you don't sign a prenuptial agreement, the success of your marriage may be dependent on your willingness to be open and honest with each other about finances. If you have certain expectations about how you will share finances it is a good idea to have those discussions prior to getting married. As part of preparing a Prenuptial Agreement one of the requirements is full financial disclosure.
Communication is the key to any good relationship. So, if you don't want him to buy you a brown rock, make sure you communicate.
- Kev: It's a trend in diamonds. Champagne. It's a nice stone.
- Willie: Yeah, no, I heard about this. It's a new trend in the diamond trade, they're trying to create a new market.
- Tommy: Oh, right, right. yeah. They were callin' 'em "piss", but they weren't moving any units. What's with you, man?
- Paul: What?
- Tommy: Well, how much you pay for this brown rock?
- Paul: What difference does it make?
- Tommy: Diamonds are supposed to be colorless! You go out and buy a colored diamond for a girl you're not even seeing, man, you must be eating retard sandwiches again.
So, if you're considering following the trend, and buying a brown diamond engagement ring, we wish you the best of luck. But maybe you should also check out some information on Prenuptial Agreements.
Just like a brown diamond, a prenuptial may not be traditional or romantic. But at least a prenuptial agreement can help both you and your future spouse ensure that you are clear and up front about your plans for separate and joint finances. Even if you don't sign a prenuptial agreement, the success of your marriage may be dependent on your willingness to be open and honest with each other about finances. If you have certain expectations about how you will share finances it is a good idea to have those discussions prior to getting married. As part of preparing a Prenuptial Agreement one of the requirements is full financial disclosure.
Communication is the key to any good relationship. So, if you don't want him to buy you a brown rock, make sure you communicate.
Prenups and Postnups
With the rise in divorce rates over the past fifty years, many couples are approaching marriage with a lot more caution than past generations. Some couples are choosing to enter into agreements that, in the case that their marriage did end in divorce, would specify how to divide the assets between the spouses. These agreements are commonly called "prenuptial agreements," or "prenups," but are also known as antenuptial agreements. In Massachusetts, prenuptial agreements are valid so long as:
Additionally, courts look favorably on prenuptial agreements where both individuals are represented by their own attorneys.
Recently, the Supreme Judicial Court of Massachusetts recognized the validity of "postnuptial" or "marital agreements" as well. These "postnups" are very similar to "prenups," but are entered into after the individuals have been married. Reasons for entering into a "postnup" vary, but may make sense if one or both parties operate their own businesses and do not want to worry about the other spouse claiming an interest in the business if the parties were to get divorced.
Should you have any questions about "prenups" or "postnups," contact Attorney Justin L. Kelsey, or call 508.655.5980 to schedule a free one hour consultation.
Sources: M.G.L. c. 209 §25; §26; Ansin v. Craven-Ansin, 457 Mass. 283 (2010); and Osborne v. Osborne, 384 Mass. 591 (1981).
- there is a full and fair disclosure of each individual's assets (you have to tell your soon-to-be spouse about everything that you have and vice-versa);
- the agreement is considered fair and reasonable both at the time that the agreement is entered into and at the time of the divorce (you can't take everything and leave your spouse financially dependent on the state); and
- there is no fraud or duress (you can't present a prenuptial agreement to your fiancée right before the wedding and say, "Sign this or we're not getting married.").
Additionally, courts look favorably on prenuptial agreements where both individuals are represented by their own attorneys.
Recently, the Supreme Judicial Court of Massachusetts recognized the validity of "postnuptial" or "marital agreements" as well. These "postnups" are very similar to "prenups," but are entered into after the individuals have been married. Reasons for entering into a "postnup" vary, but may make sense if one or both parties operate their own businesses and do not want to worry about the other spouse claiming an interest in the business if the parties were to get divorced.
Should you have any questions about "prenups" or "postnups," contact Attorney Justin L. Kelsey, or call 508.655.5980 to schedule a free one hour consultation.
Sources: M.G.L. c. 209 §25; §26; Ansin v. Craven-Ansin, 457 Mass. 283 (2010); and Osborne v. Osborne, 384 Mass. 591 (1981).
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