A Prenuptial Agreement is an agreement between individuals in contemplation of marriage that becomes effective upon marriage. In essence, the premarital agreement, called a prenup for short, provides both monetary and emotional security to the parties. The parties have the ability to address all of the issues that they have determined are important to them and their relationship. Financial issues, real and personal property issues, important issues that define the future married couple are discussed in a prenuptial agreement . Once the parties are married, the prenuptial agreement becomes effective.
prenuptial agreement should protect the rights
The prenuptial agreement should protect the rights and obligations of the future married couple. If one of the parties owned a house before the marriage, the Prenuptial Agreements should include something about that- continued ownership, who is responsible for upkeep, taxes/insurance, etc.
prenuptial agreement drafted
If you are contemplating having a prenuptial agreement drafted, because you are getting ready to be married, remember, don’t rush. These things take time, in that you do not want your future spouse to be under pressure to have to digest such a document and have to sign it with little time between receiving it and walking down the aisle. If the Prenuptial Agreements is presented for review and signature, it must be signed voluntarily, and there cannot be any fraud, duress, coercion, overreaching, nor can it be unconscionable. Give yourselves no less than 45-60 days prior to the wedding to consult with attorneys who can assist you in the drafting, review, and understanding of your Prenuptial Agreements.
Prenuptial Agreements can include matters regarding:
the rights and obligations of each to property they may have owned prior to the marriage; the right to buy, sell, use, lease, abandon, assign, manage and control, etc. property; how to settle property issue upon separation, divorce, death or other occurrence of any other event; issues having to do with spousal support or alimony; estate planning; ownership rights in and disposition of death benefits from life insurance; choice of law governing the construction of the prenup agreement; anything else, including the parties’ personal rights and obligations, not in violation of public policy or any criminal laws.
If there is a provision that does not allow spousal support (alimony), but one of the spouses needs some type of governmental assistance when the parties separate or go through divorce proceedings, according to the law governing Premarital Agreements, the court may override the prenup and require the other party to provide support to the extent necessary so that the party needing the assistance no longer finds it necessary to do so.
Amend Prenuptial Agreements
If the parties want to amend the prenup after their marriage, they may do so. The amendment must be in writing and signed by both parties. The same goes for revoking the prenup agreement. If the parties find the Prenuptial Agreement no longer suits their purpose, they may revoke the prenup agreement, but it must be in writing and signed by both parties.