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Legal Help Now?
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Do You Need a Premarital
(Prenuptial) Agreement?
A premarital (prenuptial)
agreement is a binding contract between two people
who are planning to marry. It speaks to the
end of the marriage and outlines the rights of
each party in the case of a divorce or
death. In other words, it covers who gets
what if the marriage dissolves.
Who needs a prenuptial
agreement? Not everyone. If you are
just starting out in life and do not have any
assets, such as a business or investments, then
it's hard to predict what you will have when the
marriage ends.
If, however, you come into the
marriage with a house or other assets, then it is
a good idea to put into writing what the spouse
will receive when the marriage dissolves.
For example, if you enter the marriage owning a
business, will your partner receive part of the
business if you divorce? If you'd rather not
have that happen, a prenuptial agreement can
ensure that your spouse not receive any part of
the assets you brought into the marriage.
There are some guidelines that need to be
followed to ensure that the premarital agreement
holds up in court when the time comes.
First, it must be in writing, not just a verbal
agreement. Secondly, both parties must have
made a full and fair disclosure concerning all
their assets. If that was not done, the
agreement will not be considered
valid. Lastly, each party should be
represented by a lawyer, but not the same lawyer,
when entering into the agreement so that neither
can claim that they did not understand it when
they signed it.
To ensure that the premarital agreement is
legal and binding, it will need to be drawn up by
an attorney and reviewed by an attorney for each
party.
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