Pre-Nup: Terrible Idea?

[ConstantineX]

Ah yeah, let's pretend you're Michael Streehan here. Or someone with significant net worth.

[imitation]

This reminds me to ask this question, I have a house worth about 700k in my name it's not really mine but it is on paper. Apart from that I am basically broke, I will marry my girlfriend from China later this year or next year so she can get a visa, should I get this house out of my name now?

[KilgoreTrout]

Imitation,

Depends on which state you live in, but if the property is not yours, yet is in your name, I'd say you're carrying a significant liability on several fronts.

OP - prenup agreements aren't just for the uber wealthy. My wife isn't on my mortgage. We share expenses though. We didn't do a prenup, so we had to have a complicated Will that assures her share of the property is preserved should I croak before her. I forget the legal term for it, but there's a section of the document that requires us to dispose of the other's interest in the property (i.e. sell the house) if we split.

[gusmahler]

[ QUOTE ]
Ah yeah, let's pretend you're Michael Streehan here. Or someone with significant net worth.

[/ QUOTE ]

Prenups aren't just for people with significant net worth. In fact, it may be MORE important for people without significant net worth, because the property they DO have is that much more valuable to them.

E.g., if Melinda Gates gets half of Bill Gates's fortune, it'll be a huge hit in theory. But in reality, $20B is still a lot of money.

OTOH, if you're a middle class family with only three significant assets (a house and two cars), losing the house and a car seriously damages you.

[The4Aces]

dont u ever listen to Kanye West?

[llayner]

I'm a chick and think this is a great idea - its very mature and keeps things from getting messy.

Then again, I make more money than most guys I date so...

[BradleyT]

Not a terrible idea but they aren't an iron-clad defense like people think they are.

My grandfather passed last month and after my grandmother passed 10 years ago, he re-married with a pre-nup. It was created by a lawyer and is pretty much worthless because of state laws and conditions that must be met for a pre-nup to be valid.

If you're going to get one I suggest you find a lawyer that has written a pre-nup that has successfully held up in court.

[daryn]

[ QUOTE ]
dont u ever listen to chris rock?

[/ QUOTE ]

[4_2_it]

Just marry an heiress and do not sign anything.

edit -- If neither of you is bringing much in way of assets into the union, then it is really a non-issue.

[iambusto]

[ QUOTE ]
Just marry an heiress and do not sign anything.

edit -- If neither of you is bringing much in way of assets into the union, then it is really a non-issue.

[/ QUOTE ]

Not true. Again I repeat. Its NOT what you are bringing into the marriage.

Case in example:
Guy going to law school, broke ass and in debt.
Girl works at a middle level management in a company making 60000 a year.

Should you prenup or not.

I would hope the answer is yes. Even though you are bringing nothing currently in the union, in 10 years you would be making FAR MORE money than her.

Prenup protects what you "acquire" during the course of the union and not what you brought into it.

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Disclaimer: Thats my understanding of prenup and divorce laws though I am no lawyer. Please correct me if i am wrong.