Marriage Agreement On
Barb has a home worth $250,000. Joe moves in after their wedding, and they use the house as their marital home. If they divorce, the house is worth $400,000. The court will most likely decide that Barb gave a gift to the family, classifying Barb`s house as a marital fortune and sharing all property. If Joe and Barb had entered into a marriage contract, they could have accepted that Joe`s IRA – including any considerations during the marriage – would have remained his separate property, and that Barb`s house – including any considerations – would have remained their separate property. If Sarah wants to protect her business and future growth, she should have Brad sign a marriage contract. Otherwise, any future increase in the value of the business during the marriage would likely be shared between the two parties. Without prenup, if Brad has sometimes helped Sarah do business, a judge may find that the case is a marital fortune and shares the case. Sarah needs to hire an expert to do a business valuation. Better yet, she and Brad could decide together which expert is doing the assessment, or each of them could hire their own expert and then meditate on both assessments. If this is done, Brad would have a hard time questioning the value of the business. Mike and Carol are getting married. Mike is a widower and has three sons.
Carol is a widow and has three daughters. Both have property they bring to the marriage, including death benefits they received after the death of their first spouse. Mike and Carol plan to hire lawyers to prepare a marriage contract to ensure that the property they received from their deceased spouses goes to their respective children. In 2015, the U.S. Supreme Court granted same-sex marriages the same legal basis as marriage between couples of both sexes, in Obergefell v. Hodges (delivered June 26, 2015). The effect of the Supreme Court ruling is that a pre-marital agreement entered into by a same-sex couple in one state is fully applicable in the event of divorce in another state.  As a general rule, a marriage contract determines the distribution of marital property in the event of divorce or the death of a spouse. It can also be mentioned which assets remain the separate assets of each spouse and what happens to the increase in the value of separated assets.. . .