The Pitfalls of Prenups

 Posted on April 05, 2013 in Divorce

When two people decide to join each other in holy matrimony, it is important to review important beliefs of each person. This should include thoughts about kids, in-laws, religion and money. In some cases, one party brings a large amount of assets into a marriage which should be protected by a prenuptial agreement. A recent court case in New York showed the tenuous nature of poorly agreed-to prenuptial agreements Peter and Elizabeth Petrakis had signed a prenuptial agreement before the couple’s marriage ceremony in 1998. It outlined that in the event of a divorce, Peter would retain all the assets acquired during the union. It also stipulated that Elizabeth would receive $25,000 for each year of marriage. She initially didn’t agree to these terms when she was presented with the prenup 3 months before the marriage and still hadn’t just four days before the event. Her signature was inevitably coerced when Peter said he would destroy the document when the two had children. At this time it is estimated that Peter is worth in the range of $20 to $30 million according to an attorney. Certain actions regarding prenuptial agreements can make them voidable by a divorce court. For example, if separate assets are falsely represented in a prenup that could be one reason that the legal agreement is overturned. Another is if the agreement was agreed to under coercion or distress. The last typical way to overturn a prenuptial agreement is by proving that the stipulations are unenforceable or unfair.   In order to ensure the validity of your prenup or to contest an existing agreement, contact an experienced divorce attorney in Kane County today. image courtesy of freedigitalphotos.net