BREAKING UP. Rights and obligations with prenuptial agreement.

Written by Jeffrey Broobin

Prenuptial Agreements (Premarital Contract) are like insurance policies. You dorepparttar paperwork, and then hope you'll never need it. However, since half of marriages end in divorce withinrepparttar 119278 first seven years, you may want to consider a prenuptial agreement before you walk downrepparttar 119279 aisle and say, "I do."

Since you could later be engaged in a nasty, costly, and emotionally draining divorce some day, you should consider a prenuptial agreement as a precaution. Below we have given you some information on what is in a prenuptial agreement and whether it could be useful for you.

A prenuptial or ante nuptial agreement is a document signed by two people who intend to be married. It describes their rights and obligations should they get divorced. A prenuptial agreement informsrepparttar 119280 court how they want their assets and property divided up.

Divorces become messy when parties cannot agree onrepparttar 119281 distribution of property, such things asrepparttar 119282 house,repparttar 119283 house, stocks, and bonds and whether one party should payrepparttar 119284 other alimony, now known as "maintenance" in most states. Assume thatrepparttar 119285 husband has $1,000,000 in his own name prior torepparttar 119286 marriage. A properly drafted prenuptial agreement can award that same $1,000,000 to him after a divorce, notwithstanding what he does withrepparttar 119287 money, such as purchasing a home in joint tenancy or shiftingrepparttar 119288 money into other accounts. Without a prenuptial agreement,repparttar 119289 wife might be entitled to one-half ofrepparttar 119290 $1,000,000 or more, depending onrepparttar 119291 financial circumstances ofrepparttar 119292 parties atrepparttar 119293 time ofrepparttar 119294 divorce. The prenuptial agreement is a powerful and valuable tool that can favorrepparttar 119295 husband, protectrepparttar 119296 wife, or serve both of them fairly. It is a question of circumstances and intentions.

Candidates for prenuptial agreements used to be just older individuals with huge estates that they wanted to protect from gold diggers for their children from previous marriages. Since more millionaires are born every day,repparttar 119297 candidate pool is growing by leaps and bounds. Now everybody has something to protect: an unpublished author,repparttar 119298 budding inventor, anybody with a lucrative profession or a good idea. So, before you dismissrepparttar 119299 idea of a prenuptial agreement, assess your situation in life and your long-term future in deciding whether a prenuptial agreement is right for you.

Consider at lengthrepparttar 119300 nature and extent of your present and possible future assets. A prenuptial agreement can be a very simple document running only a few pages that segregates each party's assets owned beforerepparttar 119301 marriage, or it can be a very complicated document that runs dozens of pages because it deals with income and assets acquired duringrepparttar 119302 marriage,repparttar 119303 payment of debts, attorneys' fees, alimony/maintenance, and other financial matters. The next hurdle is raisingrepparttar 119304 issue with your intended spouse, a very unromantic event. It helps to get it over with early. Perhaps you could blame it on someone else, such as your parents who may want to involve you in a family business, or possible business partners.

Protect Your Job & Wages

Written by Susan Chana Lask, Esq.

When people call me about employment issues they don't realize one important law- in almost every state you are terminable at will. That means that your employer can fire you anytime and for no reason at all. The only way you are protected from being fired onrepparttar spot without notice is if you have a contract of employment. A contract of employment must be in writing and should specify your length of employment, salary, terms of employment, vacation, bonus calculations,repparttar 119277 basis of termination and any warnings to be given (make it at least 3 warnings if you can) prior to termination and must be signed by your employer, among other things.

Now, most people never get employment contracts because their employers do not want to loserepparttar 119278 right to terminate you with or without cause. But there is a saving grace--if your employer wrote an intial offer of employment letter and you commenced employment based on that letter, you can userepparttar 119279 terms in that letter as your contract of employment. Hopefullyrepparttar 119280 letter spells out your salary and length of employment because there are cases where if your fired beforerepparttar 119281 end ofrepparttar 119282 term in that letter than you can be duerepparttar 119283 balance of your salary for that term. So, if your salary was $40,000 forrepparttar 119284 year andrepparttar 119285 offer of employment letter states your term is 1 year then if your fired inrepparttar 119286 first 2 months, your duerepparttar 119287 balance of 10 months salary. And if your employer has an Employee Handbook with rules and regulations therein (usually terms of termination, warnings, vacation pay) then that Handbook is also a binding "contract" of employment. Readrepparttar 119288 terms of your Handbook because it may spell out how and when you can be terminated which may or may not be good for you depending on whether or not it limitsrepparttar 119289 employer's liability for terminating you. Onrepparttar 119290 other hand, ifrepparttar 119291 Handbook has terms regarding certain pre-warning procedures before terminating you an dthose procedures were not followed , then you can enforce those procedures as terms of your contract. If your employer breached those terms he most likely must re-instate your employment and follow those procedures before terminating you.

The most important part of your employment is getting paid, so if your employer fires you and refuses to pay you what you understand to be due you, then use your Offer Letter andrepparttar 119292 Employee Handbook as your "contract" of employment. The employer must follow any terms in those documents. There are also labor laws in each state that require payment for overtime, limited hours of work for certain jobs and notice of your termination date and your health insurance termination dates and proper notice is required as to how to extend your health benefits ("COBRA"). Also, law specify that an employer must pay you at least every two weeks, so if your fired andrepparttar 119293 employer doesn't send your last check to you on time an dholds it back-he violated labor laws and can be held liable to you for extra money you pay to recover your wages.

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