Do you know what prenuptial agreements are? Are you planning on tying the knot soon and wondering if a prenuptial agreement is the right choice for you and your partner?
Do you know how to create and enforce one? Fear not – we’ve got you covered.
Prenuptial agreements, also known as prenups, are legally binding contracts that couples create before they get married. These contracts typically outline how assets, debts, and finances will be divided in the event of a divorce or separation.
Prenuptial agreements can also cover other important considerations, such as alimony and spousal support. There are different types of prenuptial agreements.
A financial agreement, for example, focuses explicitly on financial concerns. A premarital agreement, on the other hand, covers a broader range of issues.
Prenups can also be used in de facto relationships, where two people live together but are not married. The primary purpose of a prenuptial agreement is to protect assets and prevent costly and time-consuming divorce proceedings.
Divorces can be expensive, especially when it comes to dividing assets and determining alimony. With a prenup in place, you and your partner can agree on these issues upfront, which can save time, money, and stress in the long run.
However, prenuptial agreements are not always accepted by the court. The court plays a crucial role in enforcing prenuptial agreements.
An acceptable prenup is one that is created without coercion and does not violate public policy. Unacceptable prenups include one-sided agreements that favor one party over the other or those that do not meet the legal requirements.
The court will enforce an agreement that includes enforceable clauses on the division of assets. However, prenups cannot determine child custody and support as these issues are typically decided by the court, based on the best interest of the child.
To create a valid prenuptial agreement, both parties must seek legal advice and provide full disclosure of assets. Financial documents must be provided to ensure that each party is aware of the other’s financial situation.
A prenup that is not created with proper legal guidance or without full disclosure can be found invalid by the court. In conclusion, prenuptial agreements can be an essential part of planning for your future.
They can provide peace of mind and clarity about how finances and assets will be divided in the event of a divorce or separation. However, it’s essential to have a basic understanding of how the court views prenups, acceptable and unacceptable clauses, and the legal requirements to ensure that your agreement is valid.
Seek legal advice to help you create a prenuptial agreement that works for you and your soon-to-be spouse. Are you considering a prenuptial agreement but aren’t quite sure what to include?
Do you want to make sure you get it right and avoid any legal troubles down the line? Here are some dos and don’ts to consider when creating your prenuptial agreement:
Do’s of Prenuptial Agreements
Be aware of state law: Laws governing prenuptial agreements vary by state, so it’s important to research and understand the specific laws in your state. A family lawyer can help you navigate these laws and ensure that your agreement is valid.
2. Include premarital debts: Make sure to include any debts that either party brings into the marriage.
This can help avoid disputes later on about who is responsible for paying these debts. 3.
Clarify community or separate property: Community property is assets acquired during the marriage and considered equally owned by both parties, while separate property is assets owned before the marriage or acquired after the marriage through inheritance or gift. Make sure your prenuptial agreement clearly defines what falls under each category.
4. Determine financial responsibilities: Decide how you and your partner will handle financial responsibilities during your marriage.
This can include how bills will be paid, how joint accounts will be managed, and how much each person will contribute to joint expenses. 5.
Determine property division: In case of divorce, determine how assets will be divided. This can include property such as houses, cars, and investments.
6. Discuss spousal support: Determine whether spousal support will be necessary in case of a divorce.
This can include how much support will be provided and for how long. 7.
Decide on dispute resolution: Include clauses on how disputes will be resolved, such as through mediation or arbitration. 8.
Consider a sunset clause: A sunset clause is a provision that stipulates that the prenuptial agreement expires after a certain amount of time or after a specific event, such as the birth of a child. This can be useful if circumstances change over time.
Don’ts of Prenuptial Agreements
1. Don’t include child custody: Child custody is typically decided by the court based on the best interests of the child.
An agreement on child custody in a prenup will not be recognized by the court. 2.
Don’t include child support: Child support is also decided by the court and cannot be predetermined in a prenuptial agreement. 3.
Don’t include anything illegal: This may seem obvious, but it’s worth stating explicitly. A prenuptial agreement that includes anything illegal will not be enforceable.
4. Don’t include unconscionable terms: An unconscionable term is one that is so one-sided that it shocks the conscience.
Such terms are not enforceable. 5.
Don’t encourage or trigger divorce: Prenuptial agreements should not be used as a way to encourage or trigger a divorce. The purpose of a prenup is to provide clarity and protection in case of a divorce, not to plan for one.
Benefits of Hiring a Family Law Specialist
While some couples may attempt to create a prenuptial agreement on their own, it’s important to consider hiring a family law specialist. Here are some of the benefits of working with a lawyer:
Legal advice: A family lawyer can provide legal advice and ensure that your prenuptial agreement complies with state law. 2.
Court review: A prenuptial agreement is only valid if it is enforceable by the court. A family lawyer can help ensure that your agreement will stand up in court.
3. Decision-making: A family lawyer can guide you and your partner through the decision-making process and help you determine what to include in your prenuptial agreement.
4. Peace of mind: Knowing that your prenuptial agreement was created with the help of an experienced family lawyer can provide peace of mind and help you feel more secure in your relationship.
Creating a prenuptial agreement can be an important and practical step for couples who want to protect their assets and prevent costly and stressful divorce proceedings. To ensure that your agreement is valid, it’s essential to research and understand state law, seek legal advice, and avoid including certain items in your prenup, such as child custody and illegal terms.
By following these dos and don’ts and enlisting the help of a family law specialist, you can create a prenuptial agreement that works for you and your partner and provides peace of mind.