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| Premarital Agreements |
Premarital Agreements
Premarital or prenuptial agreements are written contracts which are entered into by and between future spouses. The agreement specifies property and income division between spouses upon their divorce; this includes disposition of specific personal property, such as family heirlooms. The premarital agreement also states the duties and responsibilities of each spouse and to the children after the termination of marriage. Finally, responsibilities during marriage are spelled out, including financial commitments from each or the religion in which to raise future children. The agreement cannot, however, limit child support as computed by law.
Court Abides Terms of the Agreement
To have a properly drafted premarital agreement, it is advisable to seek the help of an attorney. Generally, you and your soon-to-be spouse must adequately disclose your financial conditions. The premarital agreement must also meet all requirements of state law for its perfection. In case of divorce, you can enforce the agreement with the court, and the court will abide by its terms.
With a well-crafted premarital agreement, you will be able to limit surprises in divorce. It will also make the court's duty easier because it will simply allow you to partition property according to your original agreement. The agreement does not only ensure that you keep certain property, but it also saves you time, and the negative emotional effect of a nasty protracted divorce fight.
Requirements for Premarital Agreements
Individual states may differ on the requirements for a premarital agreement to be enforceable. Some of the generally accepted requirements are found below:
* The premarital agreement should be in writing and signed by the future spouses. Depending on state law, the agreement may also need to be notarized and/or witnessed.
* There must be a fair, accurate, and reasonable disclosure of each party's financial status.
* Each party must be advised by their respective attorneys (not by a common attorney).
* The agreement must not be unconscionable, that is, it must not be a one-sided agreement.
* You and your spouse must follow the stipulated terms of the agreement during the marriage.
While you may have an impression that premarital agreements are only for the rich, this is not necessarily true. You will find that such agreement will come in particularly helpful when you eventually acquire significant property during the marriage.