Prenuptial agreements: The basics

On Behalf of | Jul 1, 2024 | Family Law |

People who are getting married should ensure they’re on the same page about financial matters. One way they can do this involves the use of a prenuptial agreement, which can provide considerable security for both individuals.

A prenup is a document that (most of the time) outlines specific concerns and expectations related to a couple’s finances and how they’ll be handled if they divorce. It’s important to think about this agreement as a tool to build a strong financial platform for the marriage instead of an indication that future spouses believe that their marriage will fail.

Comprehensive information must be exchanged

Before a prenuptial agreement can be signed by either party, both sides must have comprehensive information about the financial state of the other person. This includes assets and debts, both of which can be covered in the premarital agreement. Nothing can be hidden or the prenuptial agreement may be considered invalid.

A prenuptial agreement can’t be presented at the last minute

Both parties must have time to consider the terms of the prenuptial agreement. Because of this, it can’t be presented at the last minute. Each person should have their own attorney to review the prenup so they can each ensure that the agreement is in their best interest.

Certain points can’t be included in a prenuptial agreement

While prenups provide valuable protections and clear terms for what happens if the couple divorces, there are some things that it can’t include. It can’t include anything that’s illegal or that would encourage a divorce. It also can’t include terms that are related to child custody or support because these terms must be determined at the time of a divorce, since they must be based solely on what’s best for the children.

It’s critical that a prenuptial agreement is fair because it won’t be enforceable if it overly favors either party. Ensuring that an agreement is legally enforceable is the only way that it provides necessary protections. Working with a legal representative who can assist with getting the document together can take the stress out of the situation for both individuals.