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Rhode Island Attorneys legal Notice per RI Rules of Professional Responsibility:
The Rhode Island Supreme Court licenses all lawyers in the general practice of law, but does not license or certify any lawyer or attorney as an expert or specialist in any field of practice.
Under what circumstances should a prenuptial agreement be considered in Rhode Island (RI)?
Premarital agreements are not right for every couple! Prenuptial agreements are most prevalent in second marriages. They are especially prevalent in first or second marriages when one or both of the parties have children of a prior marriage or relationship. They are also prevalent when a future spouse has a child or children from a prior relationship.
This article only pertains to prenuptial agreement drafted in Rhode Island or that will be interpreted by Rhode Island law.
If you have any questions please call Rhode Island Divorce Lawyer, David Slepkow at 401-437-1100 or visit his website at www.slepkowlaw.com
For a list of 50 legal articles written by David Slepkow concerning Rhode Island law please visit www.slepkowlaw.com/ri-law.htm
Is there any difference between a prenuptial and a premarital agreement?
Premarital agreement, antenuptial agreement and prenuptial agreement are all different terms for the same document and are used interchangeably.
Preserving assets for children.
When a person has a child from a different relationship and is considering a marriage, he / she often wants to insure that his / her child will inherit hard earned assets. A person wants to insure that their assets will go to their children rather than their new spouse or the new spouses' children.
Many parents fear that their hard earned assets that were acquired before the marriage will go to their new spouse or his / her children upon divorce or death rather then their own child.
Estate planning can be a crucial element of a good prenuptial agreement!
Without protection through estate planning, will, trust or a prenuptial agreement, a substantial portion of your separate assets may go to your new spouse upon divorce or upon your death. Estate planning can also be a very important element in premarital agreements. I strongly advise that you retain a Rhode Island (RI) Divorce and Family law attorney / lawyer to draft or represent you concerning the execution of the premarital agreement.
Prenuptial agreements are often entered into when either husband or wife has acquired significant premarital "separate" property / assets. In many cases, one of the spouses will have a more substantial estate then the other spouse.
Be careful! The suggestion of a Prenuptial can be an emotionally charged issue!
Tread very carefully when suggesting a premarital agreement with your future spouse especially in a first marriage!
Often, your future husband / wife will be very upset with the suggestion that they should sign a premarital agreement. This is a very delicate subject. It could potentially imperil the entire relationship. Some people feel that premarital agreements run contrary to the marriage covenant. Others are against prenuptials because they believe that in essence, it is planning for divorce when marriage is ideally forever.
Negotiate the prenuptial well in advance of the wedding!
It is a very bad idea to suggest a prenuptial at the last minute. You should propose the prenuptial well in advance of the wedding. The last thing you want to do is negotiate a complex contract a week or two before the wedding. It can be unseemly to be contacting a lawyer / attorney right before the wedding and can put unfair pressure on your spouse.
What are standard provisions put into a simple prenuptial agreement?
The most standard prenuptial agreements simply protect a person's separate premarital property. In many instances the parties waive all right title and interest to the premarital property of the other party. The prenuptial agreement should also address issues concerning the appreciation in value of premarital property during the course of the marriage. The prenuptial should address additions to the premarital property after the wedding. The prenuptial should also address when premarital property is used to purchase other property during the course of the marriage.
The most simple, prenuptial agreements simply state that all property that the parties owned prior to the marriage would be their separate property free and clear of all claims of the other party. In this scenario any property acquired after the marriage would be marital property subject to equitable distribution. This type of prenuptial should also address the issue of the increase in value of premarital property.
Some prenuptial agreements go even farther and state that property acquired in an individuals name during the course of the marriage would be separate property that the other party would have no rights to upon divorce or death. The enforceability of such a provision is tenous at best.
Prenuptial agreements can essentially state any provisions that the parties desire and the law allows.
What are the most important elements of a good antenuptial agreement?
The most important facet of a good premarital agreement is clarity. The second must important facet of a prenuptial is complete and full disclosure.
Both parties must disclose all assets and liabilities.
If the parties have not disclosed material and substantial assets and liabilities, the prenuptial may not be enforceable. Husband and wife should attach a financial statement as an exhibit to the prenuptial. If the parties do not properly disclose their assets and liabilities, then it is questionable whether the parties agreed to anything because they do not know what they were agreeing to.
Are both the prospective wife and husband required to get an attorney / lawyer?
No. The parties are not required to have an attorney / lawyer to review the prenuptial in Rhode Island(RI). Prenuptial agreements are still valid and enforceable even if one of the parties had an attorney draft the agreement and the other party did not have a lawyer review the agreement.
Defining Separate Property:
The parties need to define what constitutes separate property and whether separate property includes additions, increase in value (appreciation) of separate property. The parties need to address the reinvestment of the separate property into another asset during the course of the marriage.
Retirement Accounts, 401k, 403(b), pensions
You may consider a provision concerning 401k, 403(b) , Stock Options, Pensions, Retirement Accounts as well as the increase in value, additions and or reinvestments of such retirement accounts after the marriage. In order to waive marital rights to certain retirement accounts you may need a provision under IRS guidelines agreeing that your spouse will sign appropriate forms to waive or relinquish spousal benefits.
Waiver of Alimony
Some premarital agreements require one or both spouses to waive their rights to alimony or temporary alimony. This can be a crucial portion of a prenuptial agreement. This is often also the most contentious area of negotiations.
Real estate
Some premarital agreements address issues concerning Real Estate especially separate real estate of the parties. You want to discuss with your lawyer whether or not your spouse will be agreeing to waive their right to elect against the will of the other upon death and waive the statutory life estate. This is very important in Rhode Island. You may want to consider putting the real estate in trust. This is all very complicated and should not be done without an attorney
Jointly Held - Marital property.
You need to consider whether you want the agreement to include how marital property will be divided upon divorce. Some people agree that all marital property will be divided 50/50 upon divorce or separation. Other agreements are silent on this issue.
Choice of Law:
The parties should state under which law the prenuptial agreement should be interpreted. If the parties reside in Rhode Island then they should have Rhode Island law apply in the future.
Debt
Will each party be responsible for separate premarital debt. Who will be responsible for joint premarital debt? Will the parties agree to split joint marital debt 50-50? Who will pay individual / sole debt incurred during the marriage?
Life Insurance
Is either party agreeing to maintain a life insurance policy for the benefit of the other spouse? This is often done as a way to make sure the spouse will collect upon death even if the person's estate plan otherwise excludes the spouse. Will the life insurance be required to be maintained after the divorce or separation?
Gifts
Who will get to keep gifts between the parties? What will happen to joint gifts or gifts given to one person but not the other. Who will get the engagement ring, wedding band, jewelry, art etc?
Severability clause
Most good premarital agreements contain a severability clause such as the one set forth here: "SEVERABILITY. If any provision of this Agreement is held to be invalid or unenforceable by a Court of competent jurisdiction, this Agreement shall be construed as if such illegal, invalid or void provision were not a part hereof and the validity of the remaining provisions shall be unaffected thereby."
Legal fees upon divorce. Will either party be required to pay the others legal fees as part of the divorce?
Some prenuptial agreements address the issue of legal fees in a potential divorce.
Acknowledgments of counsel or the opportunity to retain a lawyer and acknowledgment that agreement is freely and voluntarily entered into.
It is important that the parties acknowledge that they carefully read the agreement, that they signed it freely and voluntarily and that they believe that the agreement is fair and equitable to them.
Many agreements contain a paragraph similar to this: ACKNOWLEDGMENT. The parties have, during a series of conferences between themselves, mutually agreed upon the arrangements set forth herein. Each party hereto declares that he or she has had the opportunity to seek independent legal advice by counsel of his or her own selection and that each is satisfied as to this agreement's fairness. The wife has retained Attorney X to represent her. The provisions of this Agreement and their legal effect have been fully explained to the parties and each party acknowledges that he and she believes the Agreement is fair and equitable, and is freely and voluntarily entered into.
Integration and modification provision.
It is crucial that there are no side agreements or verbal agreements outside of the four corners of the documents. An integration clause is an important facet of a prenuptial agreement.
Cooperation provision
A Cooperation provision is essential to a good antenuptial agreement.
"COOPERATION. The parties hereto shall at any time, and from time to time, execute and deliver all such deeds and other documents as may be necessary, and do all such things as the other of them, his or her heirs, executors or administrators shall reasonably require for the purpose of giving full effect to this Agreement. Each of the parties hereto shall release and quitclaim unto the other, or to such others as he or she respectively may request, all of his or her rights of curtesy or of dower. It is the intention of this clause to permit and empower each of the parties hereto to deal with his or her own separate property now owned or hereafter acquired, in all respects, except as limited by this Agreement, as if each party hereto were single."
Disclosure Provision
"DISCLOSURE. Each of the parties has made a full disclosure to the other of all property, assets and liabilities owned or otherwise held by each respective party, as listed in Exhibits "A," "B," "C," and "D" attached hereto. The parties hereby acknowledge that they are aware that in the future the financial circumstances of either or both of them may be altered in some way, whether substantially, directly, indirectly or otherwise."
Notary and Attestation of Counsel.
The agreement must be signed in front of a notary and if the parties both have attorneys they may want to include an attestation of counsel paragraph that both lawyers sign.
Article by David Slepkow 401-437-1100
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David Slepkow is a Rhode Island lawyer concentrating in divorce, family law, restraining orders, child support, personal injury law, child custody and visitation. David has been practicing for over 10 years and is licensed in Rhode Island, Massachusetts and Federal Court. Free initial consultations. You can contact attorney David Slepkow by going to http://www.slepkowlaw.com or by calling him at 401-437-1100. Also please visit: Rhode Island Law Articles Article Source: http://EzineArticles.com/?expert=David_Slepkow |
Contact Information:
Slepkow Slepkow & Associates Inc.
1481 Wampanoag Trail East Providence RI 02915
Contact Person:
Rhode Island Divorce lawyer, David Slepkow
Attorney
Phone: 401-437-1100
email: email
Web: www.slepkowlaw.com
Author:
David Slepkow
e-mail
Web: www.slepkowlaw.com
Phone: 401-437-1100
David Slepkow- Rhode Island Divorce & Personal Injury Lawyer
You can Contact David Slepkow at 401-437-1100
Rhode Island divorce, family law, criminal, child support, litigation and personal injury law lawyer, David Slepkow has been practicing law for ten years. You can contact Rhode Island attorney David Slepkow at 401-437-1100 for a free initial consultation. http://www.slepkowlaw.com
David Slepkow is a lawyer and partner at Slepkow Slepkow & Associates, Inc. in East Providence, Rhode Island. Slepkow Slepkow & Associates, Inc. was established in 1932 and is currently celebrating its 75th anniversary!
Attorney, David Slepkow is a member of the Rhode Island (RI) and Massachusetts (MA) Bar Association and the Bar for the Federal Court First Circuit, District of Rhode Island.
David offers free initial consultations and accepts all major credit cards. If necessary, David can arrange weekend and evening consults. David never charges any fee for personal injury case, automobile / auto / car accidents and slip & fall cases unless sucessful.
David Slepkow is a member of the Family Law Inns of Court and the Rhode Island Trial Lawyers Association.
He Practices in the following areas of law: divorce, family law, child custody, child support, visitation, out of state family law matters, adoptions, paternity, evictions, landlord tenant matters, criminal law, restraining orders, no contact orders and domestic violence law. David also practices, personal injury, slip and fall, serious accidents, motorcycle accidents, premises liability as well as Superior Court Litigation. David Slepkow handles dui / dwi / drunk driving charges and breathalyzer refusal cases.
Even if David can not help you with your problem he will be happy to refer you to another attorney. You can also visit David's website for answers to frequently asked questions or to obtain more information. David is always willing to answer questions on the phone.
http://www.slepkowlaw.com/ri-law.htm
http://www.slepkowlaw.com/rhode-island-law.htm
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http://www.slepkowlaw.com/ma-law-and-government-links.htm
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http://www.slepkowlaw.com/law-government-links.htm
http://www.slepkowlaw.com/divorce-custody-family.htm
http://www.slepkowlaw.com/child-support.htm
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Rhode Island Attorneys legal Notice per RI Rules of Professional Responsibility:
The Rhode Island Supreme Court licenses all lawyers in the general practice of law, but does not license or certify any lawyer / attorney as an expert or specialist in any field of practice.
In Rhode Island most buy and sell agreements (purchase and sales agreements) for single-family homes are on a form prepared by the Rhode Island Association of Realtors. The Purchase and Sales Agreement is a very important legal document that typically sets forth the sales price, time, date and place of the residential real estate closing, contingencies based on financing, as well as many other provisions.
You may attempt to negotiate modifications to this agreement and are not obligated to sign the standard form. Prior to signing the Purchase and Sales Agreement, the buyer should contact a Rhode Island lawyer / attorney who specializes in real estate law, residential real estate closings and title law.
This agreement was drafted with the intent to be fair to both buyers and sellers of residential real estate; however, the buyer should not sign this agreement without paying careful attention to all of the provisions including the following provisions:
1. The agreement provides for a certain number of days within which buyer must apply for his/her mortgage. Pursuant to the terms of the standard Rhode Island Purchase and Sales Agreement, if the buyer fails to apply for the mortgage, his deposit will be forfeited. Please make certain that you allow enough days for this application to be made.
2. The agreement provides that if the buyer applies for a mortgage greater than the amount set forth in the Purchase and Sales Agreement, buyer will have no right to obtain a return of his deposit if his mortgage application is denied. Buyer should be certain that the amount filled in for his proposed mortgage is in fact the highest amount that he intends to apply for.
3. The agreement provides that the buyer must accept the property with any easements or restrictions of record that impact the property. The buyer should read the Rhode Island Real Estate Sales Disclosure Form prior to signing the Purchase and Sales Agreement. Rhode Island Law requires that the seller of residential real estate in RI notify the buyer of any restrictions or easements. Buyer should check the disclosure form and if the seller indicates that there are restrictions or easements, buyer should read them prior to signing the Purchase and Sales Agreement. If the buyer does not understand the legal implications of the restriction or easement, then they should contact their real estate attorney.
4. Buyer's right to a return of their deposit in the event they are not satisfied with house inspections, such as physical/mechanical, pest infestation and septic system, depends on the inspector finding a substantial / materially deficient condition which has not been disclosed to the buyer prior to the execution of the Purchase and Sales Agreement. This means that the buyer should carefully read the Real Estate Disclosure supplied by the seller prior to signing the Purchase and Sales Agreement to make certain that seller has not disclosed existing deficient conditions on the property in this form. If deficient conditions have been disclosed, the Purchase and Sales Agreement should be amended to indicate that buyer may terminate the agreement based upon these deficient conditions
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Matthew Slepkow is a Rhode Island attorney who concentrates in Real Estate law including residential and commercial closings and title law. Mathew is a Partner at Slepkow Slepkow & Associates, Inc. which is one of the largest residential real estate and title law firms in the State of Rhode Island and has performed over 40,000 real estate closings. Matthew also has substantial experience in Probate Law, Wills, Trusts, Estate Planning, Elder Law, Business / Corporate law and the general practice of law. Mathew is a Professor at Roger Williams Law School teaching Real Estate Transactions. Matthew has a particular expertise in legal issues concerning the Elderly and Senior Citizens in Rhode Island (RI). Particularly, Matt is experienced and is knowledgeable in helping the elderly with Estate Planning and helping them protect their home from nursing home liens. You can contact Mathew Slepkow at http://www.slepkowlaw.com or by calling him at 401-437-1100. Article Source: http://EzineArticles.com/?expert=Matthew_Slepkow
also please see http://www.slepkowlaw.com/divorce.htm and |
What is title insurance? How much does it cost? Should I buy it in Rhode Island (RI) and Massachusetts (MA)?
Owner's title insurance protects the Buyer of a Real Estate against undiscovered liens or defects in the title prior to the time of purchase in both Residential and Commercial Real Estate. Title insurance insures the record title and protects an owner of property from certain losses arising from defects occurring prior to the date of the policy. Therefore, it differs from other types of insurance because it is retrospective in nature. It also differs from other types of insurance because there is only a single premium charge, but the protection lasts for as long as you own the property.
There are different types of policies which protect both owners and lenders. Lender's title insurance performs the same purpose, but only for the lender in a transaction. The fee is typically about $2.50 per $1000 for lender's coverage and $3.50 per $1000 for owner's coverage. A Lender's policy is required and you are strongly encouraged to purchase an owner's policy for numerous reasons. If you have any questions in this regard or have been given advice that an owner's policy is not necessary than please contact a Rhode Island (RI) Real Estate Attorney.
Since one's home is usually the single biggest financial investment, it is highly prudent and wise that a homeowner would want to protect that investment and enjoy the benefits of ownership. An owner's title policy is that protection.
What type of claims are covered by Owner's Title Insurance?
The owner's policy insures against loss or damages sustained by the owner by reason of historical discrepancies such as forgery, undisclosed but recorded prior mortgages, bankruptcies, liens or divorces, deeds not properly recorded, missing wills or heirs, and inadequate property descriptions.
Does a title search or title insurance cover zoning issues?
No. Zoning determinations are completely separate from the title to the property. If you want an attorney to verify the zoning for you, an additional fee would be required.
Rhode Island Attorneys legal Notice per RI Rules of Professional Responsibility:
The Rhode Island Supreme Court licenses all lawyers in the general practice of law, but does not license or certify any lawyer as an expert or specialist in any field of practice.
Slepkow Slepkow & Associates Inc. has been in existence for 75 years and has done over 30,000 real estate closings. We are located in East providence, Rhode Island (RI). The attorneys / lawyers at our firm practice in the following areas : Real Estate law, Residential and Commercial Closings, Zoning, Elder law, Estate planning, Personal Injury, Divorce and Family law, Business and Commercial law. We have a full time title examiner on staff. Please goto http://www.slepkowlaw.com/ for more information or contact attorney David Slepkow at 401-437-1100. Also please visit: Information and Links concerning East Providence Rhode Island Lawyers, Slepkow Slepkow & Associates, Inc and Residential and Commercial Real Estate Law and Closings, and also please visit: Information and Links Concerning Rhode Island Zoning, Planning and Land Use law and attorneys. Also see: Official Website of Rhode Island Personal Injury and Car Accident lawyers and also visit Information, Concerning Rhode Island Personal Injury, Slip and fall and Car / Automobile Accidents Article Source: http://EzineArticles.com/?expert=David_Slepkow |
Rhode Island Residential and Commercial Real Estate Lawyers / Attorneys. Firm estabished in 1932. We also practice divorce, personal injury, probate, business law, zoning, family law.
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