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About This QuizMarriage is a beautiful institution, but divorce is on the rise, and life is unpredictable. For some, the risk of years of legal wrangling over assets during divorce proceedings is simply not worth taking. This is where prenuptial agreements come in.
What was the divorce rate in the late 1800s?
less than 5 percent
Divorce rates are steadily rising. In the late 1800s the divorce rate was below 5 percent.
around 10 percent
nearly 20 percent
What percentage of marriages end in divorce?
The likelihood a marriage will last more than 15 years is 60 percent; 40 percent of marriages are dissolved before then.
What is the function of a prenuptial agreement (prenup)?
A prenup is used to settle potential divorce disputes before the marriage takes place.
A prenuptial agreement, or prenup, is a contract that predetermines how certain issues, such as division of assets, will be settled in cases of divorce or death.
A prenup guarantees that neither party will ever file for divorce.
A prenup is a contract that determines how much money the wedding is allowed to cost.
Who decides the details of a prenup?
The details of a prenup are determined by the couple.
A prenup is a private contract; the parties involved have the right to include any detail, no matter how unusual, as long as these details do not break any laws, or conflict with public policy.
The details of a prenup are set by the Federal Government.
The details of a prenup are determined by the official who conducts the marriage ceremony.
In the absence of a prenup, who will likely determine the financial details of a divorce?
the Federal Government
a state court
Marriage and divorce are currently governed at the state level. The details of a divorce are usually finalized by a state court.
a divorce attorney
Who is eligible for a prenup?
Prenups are only available to couples whose joint assets exceed $100,000.
Prenups are only available to people who have already been divorced once.
Prenups are available to anyone who is getting married.
Because a prenup is a private contract entered into by two parties, anyone who wants one is eligible.
Which of these is typically addressed in a prenup?
A prenup usually deals with financial issues. Experts warn not to pad a prenup with too many non-financial conditions.
Why are custody issues usually not addressed in a prenuptial agreement?
Children always go to the mother.
Children decide where they will go.
Children's interests are considered a public policy issue to be settled by the courts.
Certain issues, such as custody rights, are considered a matter of public policy to be settled by a court of law. A private contract cannot preempt public policy.
Historians believe prenups where first used in which of these civilizations?
Historians have found premarital contracts in ancient Egypt, and believe contracts of this sort originated there.
Which of these can nullify a prenup?
failure to disclose
Even though a prenup is a private contract, it is still bound by contract law. If you do not fully disclose your background, financial or otherwise, it may nullify your prenup.
What type of attorney should advise you regarding a prenup?
a defense attorney
a constitutional scholar
a marriage and family law attorney
Family laws are complicated; they differ from state to state. Make sure the attorneys involved in drafting your prenup are experts in local marriage and family laws.
Which of these statements best describes community property states?
A community property state considers all properties acquired during marriage to be equally owned.
In certain states the assets you acquire during your marriage are considered equally owned by the two parties. These states often require an even distribution of assets upon divorce.
A community property state claims all assets upon the dissolution of a marriage.
A community property state requires that all assets be divided 60/40 in favor of the wife.
Which of these conditions is usually required for a prenup to be considered valid?
The prenup must be notarized.
Many documents are only considered legally valid if the have a seal from a licensed notary public.
The prenup must be drawn up on legal-sized paper
The prenup must be written in English.
Which of these international organizations authorizes certain foreign prenups?
the United Nations
The Hague Convention on the Law Applicable to Matrimonial Regimes authorizes prenups for participating countries.
the European Union
Which of these countries does not usually recognize prenups?
The United Kingdom considers most aspects of divorce to be a matter of public policy, and usually gives little to no weight to a prenuptial agreement.
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