In which circumstances should I consider a prenuptial agreement in Rhode Island?
Premarital agreements are not appropriate for each couple. The prenuptial agreements are the most prevalent in the second marriages. They are especially prevalent in the first or second marriage when one or both parties have children of a marriage or previous relationship. They also prevail when a future spouse has a child or children of a previous relationship.
This article only refers to a prenuptial agreement written in Rhode Island or that will be interpreted by the law of Rhode Island.
Is there a difference between a prenuptial agreement and a premarital agreement?
The premarital agreement, the antenuptial agreement and the prenuptial agreement are all different terms for the same document and are used interchangeably.
Preserving assets for children.
When a person has a son of another relationship and is studying a marriage, he often wants to make sure that his son will inherit earned goods. A person wants to make sure that their assets will be allocated to their children more than their new spouse or new spouses & # 39; children
Many parents fear that their earned goods that were acquired before the marriage will be allocated to their new spouse or their children when divorcing or dying rather to their own son.
Real estate planning can be a crucial element of a good pre-nuptial agreement!
Without protection by means of estate planning, will, trust or prenuptial agreement, a substantial part of your separate assets can go to your new spouse after the divorce or death. The patrimonial planning can also be a very important element in premarital agreements. I strongly advise you to retain a Rhode Island (RI) divorce lawyer and lawyer to draft or represent you about the execution of the premarital agreement.
Prenuptial agreements are often celebrated when the husband or wife has acquired important premarital "separate" goods / goods. In many cases, one of the spouses will have a property more substantial than the other spouse.
Be careful! The suggestion of a Prenuptial can be an emotionally charged problem.
Pay close attention when suggesting a premarital agreement with your future spouse, especially in a first marriage.
Often, your future husband / wife will be very upset with the suggestion that they must sign a premarital agreement. This is a very sensitive issue. Potentially potentiate the whole relationship. Some believe that premarital agreements run contrary to the marriage pact. Others are against the prenuptials because they believe that, in essence, they plan to divorce when the marriage is ideal forever.
Negotiate nuptial in advance of the wedding!
It is a very bad idea to suggest a prenuptial at the last moment. You must propose the nuptial before the wedding. The last thing you want to do is negotiate a complex contract a week or two before the wedding. It can be obvious that you contact a lawyer / lawyer just before the wedding and can make unjust pressure on your spouse.
What are the standard provisions for a simple prenuptial agreement?
The most standard prenuptial agreements only protect a separate premarital property of a person. In many cases, the parties renounce the entire title and the interest of the premarital property of the other. The prenuptial agreement must also address questions related to the appreciation of the value of premarital property during the course of marriage. The prenuptial should treat additions to pre-marital property after the wedding. The prenuptial should also be directed when a premarital property is used to buy other goods during the course of the marriage.
The simplest prenuptial agreements simply assert that all property owned by the parties before the marriage would be their separate property free and free of all claims of the other party. In this case, any property acquired after the marriage would be a civil property subject to equitable distribution. This type of prenuptial should also address the issue of increasing the value of premarital property.
Some prenuptial agreements go even further and state that property acquired in an individual name during the marriage would be separate property that the other party would not be entitled to divorce or death. The execution of this provision is, in the best case, tenuous.
Prenupional agreements can fundamentally state the provisions that the parties wish and the law allows.
What are the most important elements of a good antenuptial agreement?
The most important aspect of a good premarital agreement is clarity. The second important aspect of a nuptial is full and complete disclosure.
Both parties must make known all assets and liabilities.
If the parties have not disclosed material and substantial assets and liabilities, it may be that the nuptial is not executive. The husband and wife must attach a financial statement as an exposure to the prenuptial. If the parties do not properly disclose their assets and liabilities, it is debatable if the parties agreed to something because they do not know what they were in agreement.
Is it required that the future husband and husband have a lawyer?
It is not required that the parties have a lawyer to review the nuptials in Rhode Island (RI). Prenuptial agreements remain valid and enforceable, even if one of the parties had a lawyer who drafted the agreement and the other one did not have a lawyer to review the agreement.
Definition of the separate property:
The parties must define what constitutes a separate property and if the separate property includes additions, increase the value (appraisal) of the separate property. The parties must address the reinvestment of the property separated in another property during the course of the marriage.
Retirement accounts, 401 k, 403 (b), pensions
You can consider a provision regarding 401k, 403 (b), Share options, pensions, retirement accounts, as well as the increase in value, additions and / or reinvestments of these retirement accounts after the marriage. In order to give up certain marital rights on certain retirement accounts, you may need a provision according to the IRS guidelines by accepting that your spouse will sign appropriate forms to give up or give up the benefits of the spouse.
Disclaimer for alimini
Some pre-marriage agreements require one or both spouses to renounce their rights to pensions or temporary pensions. This can be a crucial part of a prenuptial agreement. This is often the area of the most controversial negotiations.
Some preterm agreements deal with questions about real estate, especially real estate separated by the parties. You want to discuss with your lawyer if your spouse accepts or not to renounce your right to choose against the will of the other to death and renounce legal property. This is very important in Rhode Island. You may want to consider trusting real estate. All this is very complicated and should not be done without a lawyer
Jointly owned – Civil property.
You need to consider whether you want the agreement to include how to divide the married property at the time of divorce. Some people accept that all married properties will be distributed 50/50 after divorce or separation. Other agreements are silent on this issue.
Election of the right:
The parties must state according to what legislation the pre-nuptial agreement must be interpreted. If the parties reside in Rhode Island, they should have the Rhode Island law in the future.
Each party will be responsible for the separate premarital debt. Who will be responsible for the joint premarital debt? Will the parties agree to divide the joint 50-50 civil debt? Who will pay the individual or single debt caused during the marriage?
Does any of the parties agree to maintain life insurance for the benefit of the other spouse? It is often done as a way to make sure that the spouse is charged at death, even if the person's property plan excludes the opposite of the spouse. Do you have to keep life insurance after divorce or separation?
Who will keep gifts between the parties? What will happen to joint gifts or gifts given to a person but not to the other. Who will get the engagement ring, wedding wedding, jewels, art etc?
Most good premarital agreements contain a separability clause such as that set forth here: "AVAILABILITY. If any provision of this Agreement is deemed invalid or not enforceable by a Court of competent jurisdiction, this Agreement shall be interpreted as if it were • legal, invalid, or the null provision was not part of this part and the validity of the remaining provisions will not be affected therefore. "
Legal fees for divorce. Will any of the parties have to pay the other legal fees as part of the divorce?
Some prenuptial agreements deal with the issue of legal fees in a potential divorce.
Acknowledgments of counseling or the opportunity to retain a lawyer and acknowledgment that the agreement was freely and voluntarily celebrated.
It is important that the parties acknowledge that they read the agreement carefully, that they signed it freely and voluntarily and that they believe that the agreement is fair and equitable to them.
Many agreements contain a paragraph similar to this: GRADUATION. The parties have agreed mutually, during a series of conferences among them, the arrangements set forth herein. Each of the parties declares that it has had the opportunity to request independent legal advice from the lawyer of its own selection and that each one is satisfied with the justice of this agreement. The wife has kept Advocate X to represent her. The provisions of this Agreement and its legal effect have been fully explained to the parties and each one of the parties recognizes that he and her believe that the Agreement is fair and equitable, and a free and voluntary agreement is reached.
Provision of integration and modification .
It is crucial that there are no secondary agreements or verbal agreements outside the four corners of the documents. An integration clause is an important aspect of a prenuptial agreement.
Provision of cooperation
A provision of cooperation is essential for a good antenuptial agreement.
"COOPERATION. The parties must execute and deliver from time to time all the acts and other documents that are necessary, and they will do everything that the others, their heirs, executors or administrators. it will reasonably require the purpose of applying the full agreement of this Agreement: each of the parties in delivery and resignation to the other, or to others that, respectively, request, all their rights of courtesy or of given. This clause will allow and enable each of the parties to occupy their own separate property now acquired or owned, in all respects, unless it is limited by this Agreement, as if each one of the parties parts were alone. "
Disposition of disclosure
"Disclosure. Each of the parties has made a complete disclosure to all of the assets, assets and property liabilities or any other form of part of each of the respective parties, as they appear in the Exhibitions" A "," B "," C "and" D "" S & # 39; attached here. The parties recognize that they are aware that in the future, the financial circumstances of either or both of these may be altered in any way, either substantially, directly, indirectly or in a different way. "
Notary and witness of the director.
The agreement must be signed before a notary and, if both parties have attorneys, they may include a certification of the paragraph signed by both lawyers.
Article by David Slepkow 401-437-1100
Legal Advice for Rhode Island Attorneys for RI Professional Liability Rules:
The Supreme Court of Rhode Island authorizes all lawyers in general practice of the law, but does not authorize or certify any lawyer or lawyer as an expert or specialist in any field of practice.