You are here: Home: >> Public: >> Family Law & Divorce: >> Prenuptial Agreements
Prenuptial Agreements
A prenuptial agreement, also referred to as antenuptial or premarital agreement, is a contract written before marriage, between two people, specifying their assets and what will happen to these assets in the event of their marriage coming to an unnatural end. The thought of a prenuptial agreement (or prenup for short) may put a damper on the more romantic aspects of a marriage. Legal experts, however, advise that a prenup is smart planning to protect ones assets, especially when statistics tell us that one in three first marriages in the United States end in divorce. Some agreements are drawn during the marriage itself and are referred to as postnuptial agreements.
Why a Prenup?
The rich and famous may have brought prenups into the limelight, but people of modest income levels draw prenups as well. A prenup can avoid confrontation in the event of a divorce and protect assets for any children from previous and/or present marriages. A prenup can also prevent one spouse from taking advantage of the other in issues of property, wealth and debt. For many, a prenup is a type of financial insurance. While a prenup can outline issues of finance, credit, debt and estate matters, there are certain things it cannot do. Child custody, child support, visitation rights and in many cases alimony, cannot be decided in a prenup. Emotional, social and political issues, such as childrearing beliefs, religion, relationships with in-laws or siblings, pet preferences, etc., though legally permissible, are highly discouraged in a prenup. Legal experts suggest including only the most important concerns between couples, so that if a situation arises in which the prenup must be enforced, it will be easier to uphold and execute. Prenups are recognized in all 50 states and the District of Columbia, but are upheld on a state and case basis.
Types of Prenuptial Agreements
There are two kinds of prenups based on whether the parties involved are married or unmarried. A marriage contract is drawn for those who are about to get married and a cohabitation agreement is drawn for unmarried couples living together. Couples who are already married without a prenuptial agreement, have the option of a postnuptial agreement, which is similar in nature.
While laws vary from state to state regarding the validity and enforcement of prenups, every state does require the following:
- A prenup must be in writing (any kind of oral prenup is prohibited, unless it is in addition to a written agreement).
- A prenup must be executed voluntarily without pressure or coercion.
- A prenup must have full disclosure of income, assets and liabilities.
- A prenup must be signed by both parties and acknowledged before a notary public.
Although both parties do not need to have lawyers to draft a prenup, it is always advisable, to ensure both parties are being represented fairly and making informed decisions. Prenups signed a significant time before the wedding are also encouraged as that also indicates the prenup was not signed under duress. In cases where prenups were signed a day or week before the marriage, they have often been considered under duress and deemed invalid in a court of law.
To learn more about whether a prenup is right for you, contact a lawyer in your area.
Postnuptial Agreement
A postnuptial agreement, also referred to as postmarital agreement, is a contract between two people, written during their marriage, for specifying and protecting the assets of both parties, in the event the marriage comes to an unnatural end. Postnuptial agreements (postnups) may be entered after a marital rift or after significant financial gain or loss as well, as long as the couple is still together. For the most part, the validity of a postnup is treated the same way as a prenup: It must be in writing, it must not be coerced and it must be fair to both parties. Ultimately, it is the state that decides what is and isn’t valid in the postnup agreement, if circumstances call for it.
Accident & Injury Law
Searching...
List Your Office
