Understanding How a Prenup Can Prevent Future Problems
Prenuptial agreements can protect your assets in the event that your marriage ends prematurely. However, in order to get the most out of your premarital agreement, it’s important to fully understand what the document can, and cannot, accomplish.
What Can a Prenuptial Agreement Cover?
A premarital agreement can be tailored to address the unique needs of the couple drafting it. Typically, it involves:
- Provisions for asset division in the event of divorce or death
- Alimony agreements
- Each spouse’s anility to buy or sell property during the marriage
- Guidelines for division of any anticipated gifts or inheritances
- Plans for a family business
What Can’t a Prenuptial Agreement Cover?
Including certain matters can render a prenuptial agreement unenforceable. A couple cannot include instructions for:
- Child custody
- Child support
- Temporary alimony while the divorce is pending
- The religious upbringing of the children
Can I Modify a Prenuptial Agreement?
Prenuptial agreements are modifiable so long as both spouses agree to the changes.
Should I Get a Prenup?
A prenuptial agreement can benefit any couple as it offers peace of mind to each party that, should they ever divorce, their asset division is essentially already settled. Beyond the simplification it offers here, it could help if you want to:
- Protect your child’s inheritance from a previous marriage
- Protect your individual wealth
- Pave the way for a smoother and quicker divorce
Is My Premarital Agreement Enforceable?
A prenuptial agreement’s validity is determined during a divorce or estate proceeding. In order to be declared valid, it must:
- Be in writing
- Be signed by both spouses
- Be notarized
- Include a statement of assets owned by both parties, along with a statement of their estimated net worth, tax information, and salary
Prenuptial agreements will not be upheld if:
- One spouse signed involuntarily
- One spouse failed to fully disclose their debts or assets
- The agreement is extremely one-sided
For more information regarding premarital agreements and how they could protect you before your marriage, contact Cairns Law Offices.
