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Beware the pitfalls of prenuptial agreements

As 2014 begins, many people who accepted marriage proposals during the holidays are excited about the prospect of having the wedding of their dreams. What often accompanies dreams are the realities of dealing with financial, custodial and property issues in the event the marriage does not work out. With that, many newly engaged couples will sign a prenuptial agreement.

They may get advice from loved ones, or have preconceived notions about what can be included based on celebrity prenups. These may lead to critical mistakes and disappointment with your agreement. This post will provide some helpful tips so that you can avoid them. 

Have your agreement reviewed by an attorney – Not having legal counsel is one of the most common, yet critical mistakes a person can make when agreeing to a prenup. Of course, you trust your fiancée, and probably know his or her lawyer, so it may seem harmless to have them draw it up. However, your fiancé’s attorney does not have your best interests in mind, and is not inclined to act in this manner. So having your own independent counsel is important.

Do not sign the agreement under duress – If you have concerns about the prenup, or do not understand your responsibilities or the provisions within the agreement, it is not beneficial to sign it. Pressure from your soon-to-be spouse (or their family) should not be used to coerce you into agreeing to something you have doubts about. This is especially important if the prenup is presented to you just before the wedding.

Source: HuffingtonPost.com, “10 Common prenup pitfalls,” David Centeno, November 6, 2013

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