Are you getting married and want to protect your assets? A prenuptial agreement may be what you need to do just that. While most people think of these as a bad thing, they can be a good thing if they are entered into by both parties with an open mind and clear understanding. It is merely a contract that usually includes provisions for division of property and spousal support in the event of divorce or separation.
They usually have many different stipulations on it as well, including adultery, etc. A prenuptial agreement can be as basic or as detailed as you can imagine, depending upon your needs and your attorney. In the United States, there are five conditions that must be met for a prenup to be valid. These are:
- Agreement must be in writing
- Must be executed voluntarily
- Must be full or fair disclosure of assets when signed
- Agreement must not be unconscionable
- Must be executed by both parties before a notary public
If any of these conditions are not met, then the agreement can be deemed invalid and thrown out of court. That is why it is so important to get the proper legal representation to ensure that every part of the prenup is done correctly and legally.
While a prenuptial agreement sounds like an easy way to protect your money in case of divorce, it is just as important to be sure that it is something that you both want to sign and do. Marriage is a compromise and this begins before you take the vows, so be sure that a prenup is something that you both want.
A prenuptial agreement protects the interests of both partners in the marriage, so it is important that both parties take the time to ensure that their interests are included. With the proper guidance and help, both parties can be taken care of and the prenup can be fair for the couple now and in the future.