Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, February 9, 1991 TAG: 9102090078
SECTION: YOUR WEDDING PAGE: W-14 EDITION: METRO
SOURCE: By SARAH COX
DATELINE: LENGTH: Medium
"I think it frequently indicates a good bit of trust. The feeling that a firm commitment has been made before marrying makes each partner feel good about the other person," Evans Jessee said.
Jessee said 95 percent of the prenuptual agreements he has drawn up have been for second marriages. "People are not 22 or 24 years old. It's people who have age and assets and children they want to protect. If they have an understanding, it's best to put it in writing."
And the children will know exactly what they will be receiving, and not be as inclined to quibble among themselves.
Normally, a will would take care of that, but Jessee said that a wife who inherits less than one-third share can renounce a will, but a prenuptual agreement is binding.
It's binding, that is, if there has been a full disclosure of assets, if it is fair and if there has been no undue pressure exerted by either party. In other words, the man with a great deal of wealth who shoves a prenuptual agreement at his fiancee as they're about to get married might very well be accused of putting his bride-to-be under a certain amount of duress to sign it, Jessee said.
Richard Plotka, a New York City matrimonial lawyer, acknowledged that making up an agreement may take away from the optimism and excitement of a wedding; so he advises couples to work out an agreement well before the wedding day.
"It's better to deal with touchy issues when you're in love," he said. And, since the contracts usually start with a complete disclosure of assets and debts, it could save you from some uncomfortable surprises.
"I've seen many prospective spouses rudely discover their partners are saddled with budget-crunching debt or hiding sizable wealth," Plotka said.
Jessee said he has had to ask questions of couples who have "stirred things up. Often the trip to the lawyer's office is not pleasant, but you have a duty to call things to their attention."
Prenuptual agreements are very common with older newlyweds, and the motivating factor is certainly not divorce. "I think the newspapers and magazines and American Association of Retired Persons are continuously publishing articles about financial planning, premarital agreements, living wills . . . a lot of lawyers do a lot of financial planning for clients, and people are more aware of [prenuptual agreements].
Assets that usually appreciate in value include stocks, a family business and real estate. These issues can be covered in an agreement, Plotka said, since some state laws allow for appreciation of separate property to become jointly owned in some circumstances.
Premarital agreements generally cover three areas, 1) property matters during a marriage; 2) limiting division of assets by equitable distribution in a divorce; 3) controlling property distribution in the event of a death.
The Premarital Agreement Act in Virginia was enacted in 1986. Prior to that, "there were too many grey areas. Now, we know the specific content and enforcement details," Jessee said.
by CNB