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Before two people get married, they have the option to sign a prenuptial agreement that would spell out how the couple’s property and assets would be divided in the event of a divorce or death. Prenuptial agreements can be a sensitive and awkward topic to broach. However, there are many that would greatly benefit from prenuptial agreements including people that are marrying later in life, own businesses, have significant assets, are expecting inheritance, have children from another marriage, or those that want to protect themselves from loss in a divorce.
A valid prenuptial agreement leaves the division of a couple’s debts, property, and assets to their own discretion. Without a prenup, the division of marital assets is decided on by the courts, which could compromise your legal interests. Typically, a prenuptial agreement predetermines how property, money, and related financial issues as well as some non-financial matters will be settled.
Every state has enacted a law called the Uniform Premarital Agreement Laws, which spells out exactly when and how a prenuptial agreement filed in that state will be upheld. It is important to know that a prenuptial agreement means nothing if a judge disregards it. This means that each partner should have independent legal council when writing up a prenup.
A prenuptial agreement must be completed and signed in the presence of a legal professional before the marriage takes place. Both parties are required to fully and truthfully disclose all financial information during that time. An agreement can be null and void if one party withholds any information. Also keep in mind that a judge will not uphold a prenuptial agreement if it has to do with child support and child custody. A judge will always have the last word on matters involving children after a divorce or death and the child’s best interests will have priority over everything.
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