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Disclaimer...Legal
information is not legal advice. This site provides
general legal information, not the application of law to a
particular individual or situation. This site is is
not responsible for any errors or omissions. All
information in this site is provided "as is,"
with no guarantee of accuracy, timeliness, completeness or
of the results obtained from the use of this information.
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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.
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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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Disclaimer...Legal
information is not legal advice. This site
provides
general legal information, not the application of law to a
particular individual or situation. This site is is
not responsible for any errors or omissions. All
information in this site is provided "as is,"
with no guarantee of accuracy, timeliness, completeness or
of the results obtained from the use of this information.
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