What you should know regarding pren up
Oct 20, 2021
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While Justin Bieber and Hailey Baldwin were married earlier this week, the more important news is that they may not have completed a prenuptial agreement. While Justin and Hailey are young, in love, and willing to throw caution to the wind, no one with significant assets should follow their lead. Here are six facts concerning prenuptial agreements that everyone should be aware of.Number 1- Learn the fundamentals.
A prenup is a consensual contract executed before a couple marries that specifies how their assets will be divided in the case of divorce or death. The enforcement and legitimacy of prenuptial agreements are governed by state legislation.
Number 2: It's essential to be fair.
Most states require that the agreement be honest, that the parties fully disclose their assets, and that each party retain their attorney.
Number 3: Fairness is dictated by circumstances.
Fairness is determined by the facts of the case surrounding each couple. Is it fair that Hailey walks away only with the $2 million she contributed into the relationship and no alimony after 20 years of marriage? Probably not, primarily if she has settled into a particular way of life and now has children to care for.
Number 4: Complete transparency is necessary.
Typically, both parties must reveal all of their assets. That is not difficult to do in this case because everyone of the parties can be found on Google and their projected net worth can be found. However, in many states, it is still required to be stated in the agreement. In some states, the estimated inheritance of each party is also taken into account.
Number 5: Seek your legal advice.
In terms of the prenuptial agreement, Justin and Hailey should all have their own attorney. It is required in several states. Justin doesn't want the prenup to be overturned later because Hailey didn't have a counsel.
Number 6: Usually, premarital assets are off-limits.
Prenuptial agreements frequently declare that any purchases carried into the marriage stay the independent property of the parties. Justin would have walked away with his $265 million if Justin and Hailey had signed such an arrangement. A prenuptial agreement could also declare that any assets acquired during the wedding are marital property divided.
Depending on state legislation, they may be eligible to engage in a postnuptial agreement, which is entered after the marriage. A postnuptial deal has the same fundamental components as a prenuptial agreement, except postnuptial arrangements may be more challenging to enforce depending on state, and some states demand consideration. Consideration is of value given by one party to the other in order to persuade them to sign the contract. This could include money, real estate, stocks, and other things.
The adage "hope the best, but plan for the worse" holds in every marriage, especially in high-profile celebrity marriages. With our best wishes, let us make the sensible proposal that the happy couple sign into a postnuptial agreement.