Prenuptial agreements are contracts or written agreements that are created by an engaged couples before they legally tie the knot. Usually, these couples will outline the amount of property that each partner would take in the event of a divorce, and will determine terms of the marriage or under what circumstances one partner should receive alimony. Normally, these prenuptial agreements can cause a divorce to go faster in the future and can eliminate a lot of difficult decisions between the heartbroken parties.
Yet in Elizabeth Petrakis' recent divorce, the prenuptial agreement that had been organized early on was thrown out. This decision was significant, because Elizabeth Petrakis is married to a multi-millionaire. According to The Huffington Post, a Brooklyn appellate court determined that the prenuptial agreement was no longer valid. This is a large statement on the effectiveness and permanency of a prenuptial agreement, because the court case proves that prenups won't always hold up.
According to Petrakis' lawyer, his client was subject to a prenuptial agreement that was created by her husband so that he could protect his assets during the marriage. The prenuptial agreement stipulated that he would retain control of his fortune if they chose to split. The prenuptial agreement also maintained that any assets he acquired during marriage would remain his in the event of a divorce.
The husband seemed confident that his prenuptial agreement would keep him from losing money. Also in the prenuptial agreement was an agreement which declared that Petrakis would receive $25,000 for every year that the couple was married. She didn't like the prenup agreement, and originally refused to sign it. Four days before the wedding, she capitulated, based on the vow that her husband would tear up the contract if they ever had children together. Unfortunately, the couple's love has fizzled since their 1998 marriage, and now Elizabeth is ready to file for divorce. Her husband's fortune has been valued at between $20 million and $30 million, but the prenuptial agreement still barred Petrakis from obtaining any of the funds.
Mr. Petrakis allegedly never fulfilled his promise and tore up or voided the prenuptial agreement after the couple had children together. Because of this, Mrs. Petrakis was able to claim that fraud had occurred and that she shouldn't have to submit to the prenuptial agreement. This is why she went to court and challenged the agreement. Since the court ruled that the prenuptial agreement was void, others who have created these documents have been calling family lawyers to ensure that their contracts are still active. One lawyer says that he has received numerous calls from concerned parties who are wondering if prenuptial agreements are as permanent as they are made out to be in connection with this case.
The American Academy of Matrimonial Lawyers declares that prenups have increased 73% over the past five years, even though they are often considered unromantic. This is because people are becoming more and more concerned with protecting their assets as the possibility of divorce becomes more eminent in marriages. A 2010 interactive poll found that about one third of all singles say that they would ask for a prenuptial agreement before walking down the aisle.
Still, more and more people are hesitant to rely on this contract to secure their assets if there is a potential for the prenup to get overturned. One of the most common reasons that prenups get overturned and are not considered viable is because of fraud, such as in the Petrakis case. Another common reason that prenups cannot be upheld is because of the language that is in the paperwork. As well, if there was coercion involved in the signing of the prenup, or if a person was hiding assets, these are other reasons that the prenuptial agreement may be struck down.
Also, attorneys will often focus on the timing of a prenuptial agreement if they are attempting to get it voided. If the agreement was signed right before the wedding, some attorneys will argue that their client did not have time to truly look through and agree or disagree with the agreement's stipulations. Also, the circumstances under which the prenuptial agreement was signed will determine whether or not it is valid. If your prenuptial agreement was signed in an unofficial manner, then it may not be held up in court. If you want more information about prenuptial agreements or want to determine whether or not yours will remain valid, then contact a local family lawyer today!