Nowadays, around 50% of marriages end in divorce. While no one gets married expecting to get divorced, it is important to plan for every possibility. To do this, a couple may want to create a prenuptial agreement. Some couples shy away from creating prenups because of the stigma that surrounds them. In reality, a prenuptial agreement can benefit both parties in a lot of different ways and in no way implies a future divorce. Read on to learn more about prenuptial agreements and one of the most important requirements.
What to Know About Prenuptial Agreements
There are a lot of reasons one may want to create a prenuptial agreement. Some of the matters a prenuptial agreement may address include:
- Inheritance of finances and other assets
- Spousal maintenance
- Real estate
- The appreciation of assets
Sometimes, a couple does not create a prenuptial agreement and they later change their minds. In this case, a married couple can create a postnuptial agreement. This is the same document, with the same purpose, but it is created after marriage.
What Makes a Prenuptial Agreement Valid?
A prenuptial agreement is an important document. As a result, it must meet certain requirements. The prenuptial agreement must be:
- In writing
- Fair and just to both spouses
- Executed before marriage
- Voluntarily signed by both parties
- and it must include all financial information about both spouses.
What if a Prenuptial Agreement is Found Invalid?
One of the most important requirements is that the prenuptial agreement includes all financial information about both spouses. This is necessary so both parties are fully aware of what they are agreeing to and the agreement is fair to both spouses. Sometimes, one might choose not to disclose certain assets. This can be a big mistake in the long run. In the event of a divorce, an invalid prenuptial agreement can cause a lot of problems. For example, a prenuptial agreement can often shorten, or even prevent litigation. If the agreement is found to be invalid, the couple may find themselves involved in a lengthy and expensive litigation. Additionally, you may lose some of the assets that were listed in your prenuptial agreements. Failing to disclose all of your assets may even be considered fraudulent activity and can lead to further legal problems, on top of your divorce.
If you are interested in creating a prenuptial or postnuptial agreement, or you have any questions about full financial disclosure, contact our firm today.
CONTACT OUR FIRM
Matters of divorce and family law should be navigated with the guidance of an experienced attorney. If you need strong legal representation regarding matters of divorce, family law, and estate law, contact the Law Offices of Susan A. Kassel, P.C. to schedule a consultation today.