Unit 9 Section a Premarital agreements Warm-up Questions Background Information 1.premarital agreements Premarital agreements or prenuptial agreements are binding legal contracts between two people who intend to marry each other. WHAT ARE PREMARITAL AGREEMENTS? Pre-Marital Agreements(also called "pre-nuptial"or ante -nuptial agreements )are binding legal contracts between you and the one you intend to marry Among the purposes people have in wanting such written agreements is to try to ensure that their assets remain theirs if the marriage fails, to provide that the ir assets or at least a large portion of them, go to their children in the event of death, and to work out arrangements for matters that may become problems after the marriage. For some, it is a smart and practical way to acknowledge the fact that nearly half of all marriages end in divorce WHAT IS TYPICALLY COVERED? Pre-Marital Agreements ty pica lly cover at least several of the following topics (1) Prior marital history, and f amily circumstances, (2) What property and prospects each spouse is bringing into the marriage (wHo will own the investment earnings from such property (4What will happen with the earnings of each spouse, (5) What happens with property one spouse may inherit Where the couple will reside (7) How taxes will be handled (e. g. joint or separate returns) (8) The level of support in the event of a divorce, and (9 What happens to debts owed before the marriage and those thereaf ter incurred Where one or the other party is marry ing for a second or third time, commonly provisions will be found bequeathing certain assets to a child of a previous marriage rather than to the new spouse 2. Jacqueline Kennedy onassis born on July 28, 1929, Jacqueline bouvier Kennedy was first lady of the United States during the administration(1961-1963)of her first husband john F Kennedy. She had been a newspaper reporter and photographer before their marriage in 1953.Unit 9 Section A Premarital Agreements Warm-up Questions & Background Information 1.premarital agreements Premarital agreements or prenuptial agreements are binding legal contracts between two people who intend to marry each other.. WHAT ARE PREMARITAL AGREEMENTS? Pre-Marital Agreements (also called "pre-nuptial" or "ante-nuptial agreements") are binding legal contracts between you and the one you intend to marry. Among the purposes people have in wanting such written agreements is to try to ensure that their assets remain theirs if the marriage fails, to provide that their assets, or at least a large portion of them, go to their children in the event of death, and to work out arrangements for matters that may become problems af ter the marriage. For some, it is a smart and practical way to acknowledge the fact that nearly half of all marriages end in divorce. WHAT IS TYPICALLY COVERED? Pre-Marital Agreements typically cover at least several of the following topics: (1) Prior marital history, and family circumstances, (2) What property and prospects each spouse is bringing into the marriage, (3) Who will own the investment earnings f rom such property, (4) What will happen with the earnings of each spouse, (5) What happens with property one spouse may inherit, (6) What happens in the event of death of a spouse, (7) Where the couple will reside, (7) How taxes will be handled (e.g. joint or separate returns), (8) The level of support in the event of a divorce, and (9) What happens to debts owed before the marriage and those thereaf ter incurred. Where one or the other party is marrying for a second or third time, commonly provisions will be found bequeathing certain assets to a child of a previous marriage rather than to the new spouse. 2. Jacqueline Kennedy Onassis Born on July 28, 1929, Jacqueline Bouvier Kennedy was first lady of the United States during the administration (1961-1963) of her first husband, John F. Kennedy. She had been a newspaper reporter and photographer before their marriage in 1953