A prenuptial agreement (also known as a premarital agreement or “prenup” for short) is a written document created and signed by two individuals prior to a marriage. The purpose of a prenup is to resolve any issues that may present themselves in the event a couple gets a divorce or separates later in life.
Why should I get a prenup?
Typically, parties enter into a prenuptial agreement in order for one or both of the parties to protect pre-martial assets and/or make a pre-determination regarding support and maintenance of each party in the event of a divorce. However, they can also be used to:
- Protect a party from assuming the debts of the other party
- Determine how property will be passed upon death
- Clarify financial rights and responsibilities during a marriage
- Avoid long, costly disputes in case of divorce
Validating a Prenuptial Agreement
In order for a prenuptial agreement to be enforceable, there must be full disclosure between the parties regarding their financial circumstances, including the details regarding their incomes, assets, and debts.
It is important that you negotiate and write up your prenup in a way that is clear and legally sound. Courts analyze prenups carefully so it’s important to have it done right. If a judge decides that your agreement is unfair or does not meeting state requirements, it will be deemed invalid.
Once the agreement is drafted, it is recommended that both parties have the proposed document reviewed by their own respective attorney to ensure it upholds the necessary legal requirements.
Is a prenup right for me?
If you and your future spouse are considering drawing up a prenuptial agreement, please contact our family law attorneys. We are happy to assist you and help you discern whether or not a premarital agreement is the right choice for you.