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Parties may enter into marriage contracts to address issues they could face during their marriage and that may arise upon the breakdown of marriage. Because parties can customize a marriage contract to best suit their needs and specific situations, the contents of marriage contracts vary widely. Some examples of topics addressed in a marriage contract are how property will be owned during the marriage; how property will be divided upon the breakdown of the marriage; how household chores will be shared during the marriage; how household expenses will be shared during the marriage, etc.
This article explains what a marriage contract is, why parties enter into such contracts and the legal and formal requirements of such marriage contracts. The article provides advice on when it is a good idea to sign a marriage contract, and when a marriage contract is not a good idea. Regardless of what is covered by a marriage contract, the article provides this advice: “Using a do-it-yourself marriage agreement kit is really not a good strategy.” Expert independent legal advice is essential.
Read the article here.Take away:
- Legal advice should address the question of whether a marriage contract is a good idea for the particular couple, and if it is, what topics need to be considered for inclusion in the contract.