Black People : Cover your assets in divorce

Discussion in 'Black People Open Forum' started by panafrica, Jan 12, 2006.

  1. panafrica

    panafrica Well-Known Member MEMBER

    Joined:
    Aug 24, 2002
    Messages:
    10,227
    Likes Received:
    191
    Location:
    The Diaspora
    Ratings:
    +194
    http://www.nydailynews.com/front/story/382202p-324353c.html
     
  2. GrandHustle

    GrandHustle Well-Known Member MEMBER

    Joined:
    Oct 15, 2005
    Messages:
    213
    Likes Received:
    15
    Ratings:
    +15
    Prenuptual Agreements

    A prenuptial agreement (also called a premarital
    agreement or prenup) can help lay out understandings of property and earnings, particularly in a community property state like California.

    A premarital agreement, if done right, can overcome the community property presumption, and spell out who owns which items that wil remain the separate property of the husband or wife. In a society where 50% of all marriages end in divorce, it makes good common sense to agree how the property will be divided if and when things don't work out.
    This can be very helpful if one spouse is approaching marriage with significantly more assets than the other, and wants protection. These assets can be a business, a house, property or other things... all which can be spelled out in the prenup.

    Prenuptual agreements can also say how property is divided in the event of a divorce. A well-written prenup can address things like joint checking account, which accounts will pay for what expenses, and even address support and custody issues if a divorce or dissolution should occur down the road. This could make things much easier if and when there is a splitting up rather than fight for everything. But it really should be done by an attorney so that it can be bullet-proof to withstand a challenge.

    A prenuptual agreement is a valuable contract when approaching marriage and the asset distribution is unequal. It can make the spouse with assets feel protected and remove strains from the new marriage.

    http://familylegalservices.com/family-law/prenuptuals/
     
  3. kente417mojo

    kente417mojo Well-Known Member MEMBER

    Joined:
    Jan 22, 2004
    Messages:
    3,756
    Likes Received:
    34
    Gender:
    Male
    Ratings:
    +34

    I agree. Pre-nups should be common practice nowadays no matter how much money you have. I hear people say "Well, we don't have much, so why a pre-nup". That just means the little you have is a lot more valuable and you really don't want to lose that little bit.
     
  4. Dual Karnayn

    Dual Karnayn Well-Known Member MEMBER

    Joined:
    Nov 5, 2005
    Messages:
    1,221
    Likes Received:
    7
    Ratings:
    +7
    I'm gonna have a pre-nuptual agreement for my marriage/marriages when that time arises to protect most of my property.

    But I'm still bound by Islamic law to support my ex-wife for a set period of time until they find another husband
     
Loading...