What You Should Know About Prenuptial Agreements

Marriage is one of society’s oldest institutions. Ideally, marriages between two individuals last forever or until one spouse dies. Nevertheless, not all marriages last forever or until death separates spouses; as a result, a prenuptial agreement might benefit the two individuals.

Often colloquially called a prenup, a prenuptial agreement is a legally binding contract, which two individuals sign before they become married to each other. A prenuptial agreement usually outlines how houses, life insurance policies, cars, child custody, and much more are divided between the two future spouses in the event of a divorce or a spousal death.  A prenup must be completed before the wedding ceremony occurs and takes effect after the two people, who sign the prenup, become officially married to one another.

Who can benefit from a prenuptial agreement?

Prenuptial agreements aren’t for all couples; however, there are reasons why some couples consider prenups:

• One partner possesses particularly precious assets.
• One partner is richer than his or her partner.
• One partner has been married before and/or has kids, who were born during a prior marriage or relationship, and wishes to provide for his or her offspring and current partner in the event of his or her death.

There are many benefits to a prenuptial agreement. Mainly, though, a prenup ensures that no surprises or arguments arise in the future.

What does a prenuptial agreement need?

To make sure a prenup can be enforced, it must contain a complete list of both future spouses’ assets and the monetary values of their assets before they both sign the agreement. In addition, a prenup providing which state’s statues and laws apply to the prenup can give both future spouses more money and time, which is not wasted in the future.

Do I need a divorce lawyer if I already have a prenuptial agreement?

Realistically, yes – you want a divorce lawyer on your side. Courts may be more likely to uphold the terms of a prenup if both partners have their own individual legal representation. Moreover, if both partners have their own individual lawyers, it is less likely that the terms of the prenuptial agreement are accurate and fair, and less likely that one partner was coerced into signing it.

Know: The law cannot enforce a prenuptial agreement which resulted from fraud, forceful persuasion, violence, or the like.

A prenup can be altered or terminated; however, both partners must agree to the alteration or termination of their prenup.

If you have questions and/or concerns about prenuptial agreements and related topics, it is time to talk to a lawyer. The Law Office of Perry A. Craft, PLLC can help. Call us in Nashville at 615-953-3808 or fill out our contact form to get started.