Although long seen as against public policy, antenuptial agreements, more commonly known as prenuptial agreements, have gained broad recognition in almost every state. They are contracts between individuals who intend to marry. They are becoming common for second marriages or first marriages in families with great wealth. Prenuptial agreements often take the approach that what is mine stays mine and what is yours stays yours. When one spouse does not work, there is often a provision for that person providing a set amount or percentage of the estate if the working spouse dies prematurely.
Prenuptial agreements are an important tool for a family business owner who plans to remarry.
Absent such an agreement, his or her premature death could be disastrous for any children from a previous marriage and for the business. The new spouse may suddenly become the business owner, either leaving out the owner's children or becoming an adversarial partner. It doesn't take much imagination to foresee potential problems. Sign the agreement with an attorney present. These agreements must be entered into willingly and with knowledge of the consequences.