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What sort of contract is marriage? What does it offer the parties? What are the difficulties of enforcement, and the result of failed effective enforcement? This book takes an economic approach to marriage and divorce, considering the key role of incentives in family law: it highlights the possible adverse consequences emanating from faulty legal design, while demonstrating that good family law should provide incentives for consistent and honest behavior. Economists, specialists in the economic analysis of law, and academic lawyers discuss recent advances in specialist work on marriage, cohabitation, and divorce. Chapters are grouped around four topics: the contractual perspectives on marriage commitment; the regulatory framework surrounding divorce; bargaining and commitment issues relating to marriage and near-marriage arrangements; and finally empirical work, which focuses on the impact of more liberal divorce laws. This important new study will be of considerable interest to lawyers, policy-makers and economists concerned with family law.
Growth in property ownership has raised the stakes in the distribution of financial assets on divorce. Given high risks of marital failure, this has stimulated the demand for private ordering through enforceable marriage contracts. This paper surveys the existing law and economics literature and legal practice to consider the state of knowledge on the economic theory, scope and limits of written nuptial agreements.
This is a systematic account of the law and economics of the American family. It explores the implications of economics for family law--divorce, adoption, breach of promise, surrogacy, prenuptial agreements, custody arrangements--and its limitations, and introduces the idea of covenant to consider the role of love, trust, and fidelity.
This unique and timely book offers an up-to-date, clear and comprehensive review of the economic literature on contract law. The topical chapters written by leading international scholars include: precontractual liability, misrepresentation, duress, gratuitous promises, gifts, standard form contracts, interpretation, contract remedies, penalty clauses, impracticability and foreseeability. Option contracts, warranties, long-term contracts, marriage contracts, franchise contracts, quasi-contracts, behavioral approaches, and civil contract law are also discussed. This excellent resource on contract law and economics will be particularly suited to contract law scholars, law teachers, policy makers, and judges. For experts in and practitioners of contract law this will be a key book to buy.
What is Marriage Economics The economics of marriage encompasses the economic examination of the creation and dissolution of households, as well as the decisions regarding production and distribution that occur within the family. A tight connection exists between it and the law as well as the economics of marriages and households. The Marxist method, the neo-classical approach, and the game theoretic approach are the three approaches that Grossbard-Shechtman considers as being applicable to the topic at hand. There is a positive correlation between sexual orientation and economic standing. When it comes to men, there is a marriage prime, which states that the wage of married men is fifteen percent greater than the wage of men who have never been married. One of the provisions of the Uniform Marital Property Act was a paragraph that addressed the distribution of individual property and shared property. A number of clauses are included in the Uniform Premarital Agreements Act, which are designed to assist two spouses in reaching a consensus over the division of rights and responsibilities prior to marriage. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Economics of marriage Chapter 2: Marriage Chapter 3: Cohabitation Chapter 4: Divorce Chapter 5: Alimony Chapter 6: Wife Chapter 7: Prenuptial agreement Chapter 8: Division of property Chapter 9: Matrimonial regime Chapter 10: Rights and responsibilities of marriages in the United States Chapter 11: Covenant marriage Chapter 12: Marital deduction Chapter 13: Uniform Premarital Agreement Act Chapter 14: Generation-skipping transfer tax Chapter 15: Marriage penalty Chapter 16: Income splitting Chapter 17: Canadian family law Chapter 18: Filing status Chapter 19: Divorce in the United States Chapter 20: Zelder paradox Chapter 21: Divorce law in Sweden (II) Answering the public top questions about marriage economics. (III) Real world examples for the usage of marriage economics in many fields. (IV) Rich glossary featuring over 1200 terms to unlock a comprehensive understanding of marriage economics. (eBook only). Who will benefit Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of marriage economics.
Declared dead some twenty-five years ago, the idea of freedom of contract has enjoyed a remarkable intellectual revival. In The Fall and Rise of Freedom of Contract leading scholars in the fields of contract law and law-and-economics analyze the new interest in bargaining freedom. The 1970s was a decade of regulatory triumphalism in North America, marked by a surge in consumer, securities, and environmental regulation. Legal scholars predicted the “death of contract” and its replacement by regulation and reliance-based theories of liability. Instead, we have witnessed the reemergence of free bargaining norms. This revival can be attributed to the rise of law-and-economics, which laid bare the intellectual failure of anticontractarian theories. Scholars in this school note that consumers are not as helpless as they have been made out to be, and that intrusive legal rules meant ostensibly to help them often leave them worse off. Contract law principles have also been very robust in areas far afield from traditional contract law, and the essays in this volume consider how free bargaining rights might reasonably be extended in tort, property, land-use planning, bankruptcy, and divorce and family law. This book will be of particular interest to legal scholars and specialists in contract law. Economics and public policy planners will also be challenged by its novel arguments. Contributors. Gregory S. Alexander, Margaret F. Brinig, F. H. Buckley, Robert Cooter, Steven J. Eagle, Robert C. Ellickson, Richard A. Epstein, William A. Fischel, Michael Klausner, Bruce H. Kobayashi, Geoffrey P. Miller, Timothy J. Muris, Robert H. Nelson, Eric A. Posner, Robert K. Rasmussen, Larry E. Ribstein, Roberta Romano, Paul H. Rubin, Alan Schwartz, Elizabeth S. Scott, Robert E. Scott, Michael J. Trebilcock
We analyze the role of the marriage contract. We first formalize three prominent hypotheses on why people marry: marriage provides an exogenous payoff to married partners, it serves as a commitment device and it serves as a signaling device. In each theory we analyze how a reduction in the cost of divorce affects the propensity to divorce for couples at any given duration of marriage. We then bring these alternative views of the marriage contract to bear on the data using individual marriage and divorce certificate data from the US. We exploit variation in the timing of the adoption of unilateral divorce law across states to proxy a one-off and permanent reduction in divorce costs. The results suggest the dominant reason why individuals enter marriage contracts is that they serve as a commitment device.
Marriage is an institution that plays a central role in most societies. As it affects decisions regarding labor supply, consumption, reproduction, and other important decisions, marriage receives considerable attention in academic circles. Much research has been done about marriage, principally by sociologists, psychologists, and anthropologists.
Congratulations! You've decided to get married. It's a wonderful time, but there's more to think about than just the perfect wedding and honeymoon. Marriage is more complicated than it used to be. People are marrying later in life and perhaps for the second or third time. Often they are bringing more assets and more liabilities into the relationship, blending children from previous relationships, and generally facing all kinds of new challenges. Marriage contracts, wills and Powers of Attorney are all valuable ways to set your expectations in advance. Do We Need a Marriage Contract? is written in clear, nontechnical language and includes real-life examples based on Canadian cases. Cochrane includes a sample marriage contract to address the critical issues you need to be aware of, including: Protection of assets brought into the marriage The special practical and financial concerns of blending children into new families Family pressure to have a marriage contract Business pressure to have a marriage contract How to have a discussion with your partner and not spoil the romance How marriage contracts work with your wills and Powers of Attorney How to work in a cost-effective way with a lawyer How to avoid the relationship mistakes that lead to divorce This is your future together. Get it right from the very beginning. Take the advice of Michael Cochrane, a lawyer with more than 30 years of experience in family law, and carefully consider the numerous issues that can affect your relationship.