Premarital Agreements are designed to protect your financial interests in the event of a divorce from the marriage that you are about to enter.
They are commonly used in second marriages or first marriages when one or both parties have children from a prior relationship. They can be an emotionally charged issue, especially if left till the last minutes, so cover this topic well in advance of a wedding date.
When a party has a child from a previous relationship they often want to make sure that that child inherits earned assets rather than them going to a new spouse, or their new spouse's children. It financially and legally wise to make sure there is legal documentation in place to insure that your pre-marital assets are directed to where you want them to be in the event of your untimely death or a divorce. Most parents want to make sure their children from a previous relationship get what they feel is their fair share of these assets.
"Clarity and full disclosure of assets and liabilities is a critical to a good prenuptial agreement, at some point in time this document could end up being reviewed in a court room."
Its not required in Rhode Island to have separate attorney's review a prenuptial agreement, although it's never a bad idea. The agreement is still valid if one party has an attorney draft the document. The document must be signed and witnessed by a notary, if the parties have attorneys they would want each attorney to sign a paragraph as to the attestation of counsel.
Keeping in mind that this is a hotly charged conversation in advance of a planned life together, think long and hard about the things that matter most to you and how you would want those assets cared for either at your death or the end of your marriage. In many cases the major items to care for are the large assets, not who gets the couch and coffee table.
Our legal team at Moretti Perlow & Bonin is experience in creating prenuptial and cohabitation agreements that are enforceable after a death or divorce. At the same time we realize the sensitivity that needs to be taken into consideration as this is the person you are in relationship with, and your plans are to spend the rest of your life together. Circumstances change, and we make sure your interests are protected, if and when they do.