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Yours, Mine, and Ours

I was having dinner with friends a few weeks back and, as it always does, the conversation turned to prenuptials agreements.  Everyone loves talking about what they get for a settlement if they divorce. One of the wives mused about getting their private island as part of her settlement. Her husband stated that he was keeping their personal plane and their four beach houses. Okay, this didn’t actually happen. More than likely, someone actually told a joke with a prenuptial as the punch line.
Prenuptials are actually much more common than you might think. Some changes in society have likely made them more popular for average, middle class couples, who don’t have private islands, multiple summer homes, or personal planes:
1. Women have more education, better jobs, and more money entering marriage;
2. People are getting married later in life, so they are more likely to have accumulated some personal assets or, potentially, debt; and
3. The prominence of children from previous marriages and relationships.
When does it make sense to have a prenuptial agreement? Any time that you have something valuable in your life, whether it be children, house, business, or other assets.
A Prenuptial Agreement is merely a contract that couples sign before they are married and is enforced if you get a divorce (although some terms included can direct behavior during marriage).  Couples who have a prenuptial agreement and later divorce typically have quicker and less expensive divorces, because the terms of separation are already defined and known.
To be valid and enforceable, a prenuptial must be conscionable and made after full financial disclosure by both parties DeMatteo v. DeMatteo, 436 Mass. 18 (2002); however, the court may determine that even if a prenuptual agreement was fair when executed,  a “second look” at the agreement might make it unenforceable at the time of divorce  Kelcourse v. Kelcourse, 87 Mass. App. Ct. 33 (2015). For that reason, it is even more important to be accurate when making financial disclosures prior to making the agreement and to satisfy all other criteria which would make it valid and enforceable.
The greatest things about prenuptials is that they force a couple to discuss some important issues before they get married. Too many people really do not know much about their future spouse’s finances before they get married. They may know that the person drives an expensive, shiny car and what they do for work, but not much else. Was the car paid for in cash or with a loan? Can the spouse even afford that car without sacrificing other, more essential, things? How much does the future spouse earn annually? Does that person have unearned income also? Is there an expectation of future inheritance? Does that person have debt and how significant is it? Once those discussions are over, couples actually find them selves closer and are more prepared for a honest, successful marriage.

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Hello, Daddy!

I remember when we brought our first child home. It was a time of joy, excitement, and very little sleep. We were fortunate that my husband was able to take a week or so off from work. I remember feeling a bit envious we my husband returned to work, but only because it meant that I would volunteer to do feedings after midnight, so that he could be relatively “awake” when he went to the office.

Starting in April, 2015,  new fathers will have an opportunity to take up to eight (8) weeks of paternity leave. Massachusetts General Laws 149, Section 105D, as amended by St. 2014 c. 484 provides eight (8) weeks of paternal leave for the purpose of giving birth, placement in the home of a child under the age of 18, or the placement of a child under the age of 23 if that child has mental or physical disabilities.

The newly amended law provides an amazing opportunity for all fathers. The men that I have spoken about this with have told me that they would be unlikely to take such a significant amount of time off from work; however, they seemed excited that it would give them potential flexibility.

Fathers must satisfy simple criteria to qualify for paternal leave. First, the father must have worked at the company for at least three (3) months or the probationary period of employment. Second, the father must tell the employer of his anticipated departure with at least two (2) weeks notice and his expectation to return.

Of course, there is are exceptions within the new law. The most significant areas of concern are relate to the work environment and are intended to protect the employer. The size of the company dictates whether the new father is able to take advantage of the new law. Similarly, where both parents work for the same employer, the total time of leave is limited to eight (8) weeks.

As my grandmother always says, “A new baby to love is always a good problem.” Under the new laws, new dads have a baby to love and can now decide whether they want to take more time to love that baby from their home. I think that my grandmother would consider that an excellent problem.

Please feel free to share this post with anyone who may be interested. Receipt of same is not intended to offer specific legal advise or create an attorney-client relationship.

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