7 faqs about prenuptial agreements
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7 FAQS ABOUT PRENUPTIAL AGREEMENTS
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What is a Prenuptial Agreement?
A prenuptial agreement, or “prenup,” is a written agreement entered into before marriage. It establishes what would happen to the assets of both partners in the event of a divorce. This contract may also lay down the rights to financial support in case the marriage ends by death or divorce.
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What Does a Prenup Usually Include?
• Division and ownership of property
• Division and ownership of liabilities
• Spousal support
• Inheritance of property
A prenuptial agreement will typically include the following:
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Should I Have a Prenuptial Agreement?
• Already have substantial property or financial assets.
• Own or co-own a business.
• Own your own practice.
• Have a partner with a huge difference in income.
• Are taking property from a previous marriage and wish to keep it separate for the children from that marriage.
The signing of a prenup is recommended if you:
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We Do Not Own Much, Should We Still Sign a Prenup?
• Could receive a large inheritance some point in time.
• Expect a significant increase in your income in later years.
• Plan to support your spouse financially through post-secondary education.
• Have parents whose financial future you need to secure.
• Have children from a previous marriage.
• Do not want the courts to decide the distribution of property and money in case the marriage ends.
Even if you and your partner do not currently own much, a prenuptial agreement is recommended if you:
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What Makes a Valid Prenuptial Agreement?
• It is called an “agreement” because it requires both parties to voluntarily sign the contract.
• The agreement must be in writing.
• It must be signed by both parties .
• It must be signed by witnesses.
• It should spell out all assets and liabilities, which requires both parties to provide full disclosure.
Here is what makes a valid prenuptial agreement:
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What is Not Included in a Prenuptial Agreement?
• Determination of child custody, child visitation rights, or child support payments.
• Any provision that is beyond the distribution of property, financial assets and liabilities.
• Any demands from a spouse in terms of non-monetary responsibility.
A prenuptial agreement should not include:
The courts will not recognize these things, even if they are included. Moreover, you run the risk of the courts invalidating your prenuptial agreement.
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What Are the Steps to Follow for Making a Prenuptial Agreement?
• Let your partner know that you are considering a premarital agreement.
• Make a list of all your assets, including real estate, savings, shares and collectables.
• Make a list of all the sources of income.
• Get an idea of what you are trying to achieve.
• Request for your partner to make similar lists.
• Meet an attorney to ensure that you understand your rights and obtain legal advice on the prenuptial agreement you are considering.
• Encourage your partner to hire a lawyer as well.
Here are the steps to follow in case you are about to get married:
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Can’t I Make the Prenup Without Consulting an Attorney?
• You need to understand your rights
• You need to know what to include or leave out from the agreement
• You would want the agreement to be held valid by a court and legally enforceable
• Courts are more likely to uphold the terms of a prenup that has been signed by both parties after understanding their legal rights.
Yes, you can. But it is not recommended.
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Seeking an Experienced Attorney with a Personal Approach to Prenuptial Agreements?
Visit: www.ruvololaw.com
Or
Call: 973-993-9960