CHAPTER 4 PRENUPTIAL AGREEMENTS 2006 Thomson Delmar Learning

CHAPTER 4 PRENUPTIAL AGREEMENTS © 2006 Thomson Delmar Learning. All Right Reserved.

Chapter 4 Prenuptial Agreements • Love and Contracts: An Unlikely Pair • Prenuptial agreement/ante nuptial agreement – When it is created – General Requirements © 2006 Thomson Delmar Learning. All Right Reserved.

Chapter 4 Prenuptial Agreements • Uniform Prenuptial Agreement Act (UPAA) – Five general requirements of (UPAA) ◦ A written agreement ◦ Contractual capacity ◦ Voluntary agreement ◦ Must not be unconscionable ◦ Full disclosure of assets © 2006 Thomson Delmar Learning. All Right Reserved.

Chapter 4 Prenuptial Agreements • Engaged Couples Combine Marriage and Binding Contracts • Define assets • Understand the most common prenuptial scenario • Seeking Legal Advice • Separate attorneys for each party • Susan Conducts Prenuptial Agreement Interviews • Prenuptial Interview Questions List © 2006 Thomson Delmar Learning. All Right Reserved.

Chapter 4 Prenuptial Agreements • An Older Couple Plans to Wed • Four steps for adult children dealing with a parent’s remarriage – Children need to recognize a parent’s right to happiness – Remember that they have a unique relationship with their parent – Seek professional help – Deal with money issues © 2006 Thomson Delmar Learning. All Right Reserved.

Chapter 4 Prenuptial Agreements • Susan’s Summary of Bridget and Robert’s Interview • A Little Story About Jack and Diane • Prenuptial Agreement for Bridget and Robert © 2006 Thomson Delmar Learning. All Right Reserved.

Chapter 4 Prenuptial Agreements • Look to the Contract • Prenuptial agreements should explain parties situation • Elements of a contract – Offer – Acceptance – Mental intent to make a contract – Consideration • Parole evidence – Rescission © 2006 Thomson Delmar Learning. All Right Reserved.

Chapter 4 Prenuptial Agreements • What Should be included in a Prenuptial Agreement • Best policy is honesty © 2006 Thomson Delmar Learning. All Right Reserved.

Chapter 4 Prenuptial Agreements • No Two Prenuptial Agreements Alike • Payee and payor spouse • Key items – Full disclosure of assets – Description of what happens to your premarital property – Decision of who will own the marital property – Specification of the status of gifts, inheritances, and trusts – Clarification of what will happen with assets – Decision as to the amount of support and/or waiver for property – Details of death benefits – Decisions on insurances © 2006 Thomson Delmar Learning. All Right Reserved.

Chapter 4 Prenuptial Agreements • Just How Specific Should the Prenuptial Agreement Be? • Courts Rule When It Concerns Children • Courts have the right to nullify a prenuptial agreement when it pertains to child custody and/or child support © 2006 Thomson Delmar Learning. All Right Reserved.

Chapter 4 Prenuptial Agreements • Helpful Practice Tips • Ask clients for a list of goals • Allow ample time prior to the wedding for preparation and negotiations • Historical Prenuptial Case • Posner v. Posner • Define – Quash – Vacate – Judicial notice © 2006 Thomson Delmar Learning. All Right Reserved.

Chapter 4 Prenuptial Agreements • How to Prove the Invalidity of a Prenuptial Agreement • Several ways to prove invalidity – Doesn’t follow all of the requirements of the state – Show proof that required contract standards were not met – Fraud committed by one spouse • Nanini v. Nanini © 2006 Thomson Delmar Learning. All Right Reserved.

Chapter 4 Prenuptial Agreements • Constructive Trust Created for Husband • Martin v. Farber • Understand – Constructive trust – Intestate • Deceased Spouse’s Honesty Questioned • In re Estate of Le. Roy A. Hillegass © 2006 Thomson Delmar Learning. All Right Reserved.

Chapter 4 Prenuptial Agreements • The Status of Prenuptial Agreements: Where Are They Now? • Simeone v. Simeone • Reconciliation Agreements • Curry v. Curry – Reconciliation agreement – Post-nuptial agreement – Substantial agreement © 2006 Thomson Delmar Learning. All Right Reserved.

Chapter 4 Prenuptial Agreements • Ethics Alert: • Truthfulness questioned © 2006 Thomson Delmar Learning. All Right Reserved.