A prenuptial agreement is a legal contract that a couple signs before they get married, outlining how their assets will be divided if they divorce. While no one anticipates getting a divorce before they even exchange wedding vows, it is always wise to protect oneself and assets in case things do not go as planned.
Recently, a case in New York has brought prenuptial agreements into the spotlight. The case involves a wealthy couple, Harry Macklowe and Linda Macklowe, who signed a prenuptial agreement in 1959 when they got married. However, Linda is now challenging the agreement, claiming that she was not aware of its provisions and that it was unfair.
The Macklowes` case is a reminder that prenuptial agreements are not always ironclad. They can be challenged in court, and in some instances, if the agreement is proven to be unfair or signed under duress, it may be invalidated.
When drafting a prenuptial agreement, it is essential to work with a competent lawyer experienced in family law. The lawyer will help evaluate each party`s assets and liabilities, anticipate what might happen in case the marriage ends in divorce, and create a fair agreement.
Before signing a prenuptial agreement, both parties should review it carefully and thoroughly. It is also essential to understand each provision and how it would affect the distribution of assets in case of divorce. If either party does not understand a provision or feels that it is unfair, it is advisable to speak with a lawyer before signing the agreement.
In conclusion, a prenuptial agreement can be a valuable tool for protecting one`s assets in the event of divorce. However, it is essential to work with a competent lawyer when drafting the agreement and to review it carefully before signing. The Macklowes` case serves as a reminder that even prenuptial agreements can be challenged in court, particularly if they are deemed unfair or signed under duress.