Before tying the knot, a couple can choose to draft and sign a prenuptial agreement (prenup). This legal contract can be especially useful for those with substantial assets or debts. It can also help those who own a business, expect to receive an inheritance or have children from a previous relationship.
Moreover, a prenup can be an important tool to determine how to divide a couple’s property in the event of a divorce. If you are thinking of filing for divorce, how can your prenup influence the outcome of your proceedings? In addition, how can it help provide financial security as you prepare to embark on a new chapter in your life?
Requirements for a valid prenup
A couple must put their prenup in writing and sign it. Additionally, they should write their prenup voluntarily and disclose all their assets and debts. A prenup can cover various matters, including:
- Property division
- Alimony or spousal support
- The rights and responsibilities of each spouse during their union
- The control and management of property during their marriage
Meanwhile, a prenup cannot cover child custody and child support. Also, it cannot contain provisions that encourage divorce, are illegal or against public policy.
Enforcing a prenup
The court will generally enforce a prenup if it is fair and reasonable. However, a court may refuse to enforce it if a spouse did not fully disclose their assets and debts. Another reason is if a spouse was forced into signing it.
Navigating your financial future
Understanding the role of a prenup can help couples reach an agreement that represents their needs and meets legal standards. Moreover, seeking legal guidance may help you protect your rights and interests with more clarity and confidence as you navigate your financial future.