Prenuptial Agreements Hampered by Long Distance Love
In past years, most couples who chose to marry were comprised of a man and women in their early twenties. Today, trying to define the average couple who plans to marry is nearly impossible. From same-sex couples to baby boomers planning to marry for the second or third time, the landscape surrounding the institution of marriage varies greatly. Many couples who chose to marry today are also older and, as such, tend to bring more assets to a marriage, making the need for a prenuptial agreement that much more important.
In addition to being older and having more assets, many couples have also been courting long-distance. When trying to draw up a prenuptial agreement, couples who live in separate states are often faced with a difficult and expensive task.
When trying to secure a prenuptial agreement, one couple who live in separate states were forced to retain five attorneys to sort out and coordinate everything. The problem is that state laws pertaining to the drafting and handling of prenuptial agreements vary greatly. Because of this, it's often difficult and expensive for individuals who live in separate states to protect their assets or property.
Growing concern over the problems associated with drafting prenuptial agreements between residents of separate states has lead to a legal panel deciding on new uniform rules. The panel hopes the new rules will help ensure states, including Texas, are all on the same page when it comes to rules and laws pertaining to prenuptial agreements.
Prenuptial agreements are an important legal contract that protects the financial livelihood of an individual. Oftentimes the process of writing up a prenuptial agreement is already wrought with some conflict and emotion. It's important, therefore, that the process for drafting prenuptial agreements be as easy and seamless as possible.
Source: Financial Advisor, "New Prenuptial Rules Aim to Get States on Same Page," Arden Dale, Aug. 15, 2012