Understanding Prenuptial Agreements
Adhiyaman Arts & Science College for Women, with its varied range of academic interests encourages students to explore the world beyond a strict curriculum. For instance, a student interested in science will study biology, chemistry and mathematics but may also be encouraged to look into a small business law or even Internet based businesses. The idea behind this approach is that with a basic understanding of legal, business and technology terms, an individual is equipped to further their personal and professional goals. So, for instance, if you’ve always had an idea for an online store and while in college, learn about basic contract law, you could start your own online store. The skills and knowledge you accumulate during college will help shape your future.
More specifically with contracts, consider the fact that most would-be entrepreneurs dream of great deals, amazing contracts and fair agreements with future partners. But while the courses you take are more likely to teach you how to write of formal contracts and partnership agreements, it’s much less certain that they’ll help you understand what happens if a deal goes sour. For example, take the case of a prenuptial (or pre-marital) agreement. In this type of agreement, couples can elect to add a level of protection to their property and/or family. In most cases, these documents attempt to protect the assets of each party in an impending marriage. However, there are circumstances in which some people dispute their validity. A situation that underpins why it is vital to at least have a good understanding of legal agreements and what they entail.
In fact, here are just a few questions and some answers that you may find beneficial: the expiration of prenuptial agreements? As a general rule, a prenup does not expire. But there are sadly instances in which one party would try and declare it as such. So in the case of James Brinton, a wealthy man who was operating a charitable trust, he and his wife signed a prenuptial agreement in 2004, prior to a big wedding. The agreement limited the amount of damages if the marriage ended. Almost eight years later, the two filed for divorce. During the process, the wife tried to declare the prenup as invalid and the man’s lawyer received a legal order to enforce the prenup. In order to avoid lengthy court battles, the man paid the woman a settlement of $48,000.
The legal advisor’s role While a couple might decide to disavow the agreement, there is the role of a legal advisor: to affirm the language of the contract. A good legal advisor would go through the agreement to determine if it has the proper wording and if any loopholes are present that may render the document void. For instances such as this – or even where prenuptial agreements may be considered – a legal advisor has the benefit of helping clients understand the legal implications of a contract. While it is a generalization, the study of law and the incorporation of its nuances into our lives, is crucial. Often, while you may think a topic is mundane, it might be extremely valuable. Consider that with a basic grounding in contract law, you’ll be able to argue the validity of an agreement. And if that fails, you may actually reap the rewards of an aspiring entrepreneur.
