Word: prenup
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...January, it was a quickie ceremony in Vegas that stunned her family and ended in annulment. After eight months of personal growth, Spears, 22, walked down the aisle again, on Sept. 18, in a quickie ceremony in Los Angeles that stunned her family and got hung up by a prenup. To evade paparazzi, she exchanged vows with backup dancer KEVIN FEDERLINE, 26, at what was to have been their engagement bash, a month before the planned nuptials. "I was like, 'What are we waiting for?'" Spears told PEOPLE. But when they said I do, one detail was amiss. Lawyers advised...
Some folks I know have asked me how a prenup would affect college financial aid for kids in a recently blended family--especially if one spouse has a valuable house and they each want to pay for their own kids' education. Must they provide the stepparents' assets on the aid forms? And if aid is denied, is it fair to stick a new spouse with a bill nobody counted...
...Prenup or no prenup, the situation would be the same. Prenups just aren't a factor in calculating aid. So, yes, you must supply the information. But here's good news: some schools, such as Ivies and other top institutions (like Wesleyan and Emory) have recently adopted a new home-equity policy that caps home value at 2.4 times family income...
Apart from practical considerations, keep in mind that a prenup usually deals with what happens to each partner's resources in case of divorce or death. Only rarely does it dictate how a happily married couple pays bills day by day. It's tough when it hasn't been researched before the wedding, but couples probably don't examine each other's teeth either. And if your new spouse needs a full set of dental implants, that could cost you as much as a college education...
...prenup, you need to make sure it will stand up to a legal challenge. To that end, each party needs his or her own lawyer. Felder says the agreement should be signed before the hall is rented or the invitations are sent out. If it's done too close to the wedding date, pressure on a spouse to sign (rather than face the humiliation of being stood up at the altar) could be enough to have the agreement thrown out in court. --By Jean Chatzky and Jonah Freedman