What is Most Important to Know About Prenuptial Agreements?

 Posted on May 04,2023 in Family Law

Prenuptial agreements, also known simply as “prenups,” are contracts entered into by couples that are about to get married. These agreements are used to outline the division of assets, spousal support, and other aspects of the marriage in the event of divorce or death. To ensure that your prenuptial agreement is binding and enforceable, there are essential things you need to be aware of before signing on the dotted line. If you are interested in signing a prenup, contact a family law attorney to ensure your rights and best interests are preserved throughout the process of the agreement’s creation.

Crucial Aspects of a Prenuptial Agreement

Here are the aspects of a prenup that are worth considering:

• Transparency – The most vital aspect to consider when entering into a prenuptial agreement is transparency. Both parties should disclose their assets, liabilities, income, and debts before deciding on the prenup terms. A prenup is not enforceable if a court finds that one party failed to disclose assets or debts fully or if it was signed under duress. Therefore, both parties must enter into the agreement freely and with a complete understanding of each other’s situation.

• Legal representation – To mitigate the chances of the judge invalidating the prenuptial agreement, each party is advised to have an attorney independently represent them. Moreover, each party should make sure that their respective attorney understands their financial position entirely. Failure by either party to obtain legal counsel or waiving the right to have legal representation can result in the invalidation of the agreement.

• Specificity – Prenuptial agreements have to be specific about what will happen in certain circumstances. Overly ambiguous agreements may not be enforceable. For example, a clause stating that all assets will be divided “fairly” may not stand up in court. It is better for couples to be specific on how liability and assets should be split in the event of a divorce or death.

• Amendments – It is also vital to consider the possibility of future amendments being added to the agreement. The possibility of future modifications should fit specific scenarios which may arise in the couple’s future.

Contact a Plainfield, IL Family Law Attorney

Prenuptial agreements are excellent tools and can be hugely beneficial for many couples about to get married. Essentially, prenups are there to provide security to couples getting married in case something unforeseen happens during their marriage. Contact an experienced Plainfield, IL, family law lawyer with Law Offices of Tedone and Morton, P.C. for more information about the prenuptial agreement process. Call 815-666-1285 for a free consultation. 

Source:

https://www.forbes.com/advisor/legal/divorce/prenuptial-agreement/