Common Misconceptions About Prenuptial Agreements

The decision to create and sign a prenuptial agreement is a smart option for several couples. If you are getting married and considering a prenuptial agreement, you might be avoiding the subject because you don't understand what is involved.

Learn about a few common misconceptions associated with prenuptial agreements.

Drafting a prenuptial agreement can be complicated, especially if both spouses have prior financial obligations, have kids, or are small-business owners.

Fortunately, creating a prenuptial agreement can be relatively inexpensive and can be completed usually, in a matter of days. An attorney will ask both future spouses to create an accurate and detailed list of their assets, debts, and any other points they want addressed in the agreement.

Complete honesty is required during the creation of the prenuptial agreement. If either spouse lies about their assets and debts and then the marriage ends in divorce, the court could void the agreement. Also, if all assets or debts are not listed, the validity of the agreement could be in question. After completing the agreement, both parties will be asked to sign the documents in front of a notary public.

Avoid using a prenuptial agreement template from the internet, and instead, contact an attorney to draft an agreement for you. This ensures everything is legal and the agreement is binding.

Each time you hear about a celebrity divorce, chances are, you also hear about whether the couple had a prenuptial agreement. The rich and famous get prenuptial agreements to protect their assets. Just because you aren't well-off doesn't mean a prenuptial agreement isn't a good option for you. Here are a few points that are often covered in a standard prenuptial agreement:

• Protection for kids from past marriages. If either spouse has kids, the agreement can protect their parent's assets and ensure that they are provided for after a divorce.
• Roles in the marriage. This includes who will be in charge of paying the bills and what percentage of these expenses are to be paid by either spouse.
• Protections for small-business owners. If the spouses divorce, a prenuptial agreement can protect any assets from a small business and prevent a spouse from being liable for the other spouse's debt.
• All assets and debts are not identified
• Plans for estates. Many older couples include plans for their estate, including what will happen to their assets after their death.

No matter how much money you make or if you have several debts or assets, any couple may benefit from the protections provided by a prenuptial agreement.

A prenuptial agreement is a contract between two people intending to get married, and it can be designed with the specific needs and concerns of that couple in mind. This will allow them to pick and choose which aspects they want to cover and which they want to leave out.

For example, a couple may decide not to include spousal support in their agreement or not include any information about how premarital and post-marital assets are separated. All states have their own laws about marital property, and if no stipulations are included in the premarital agreement, the courts will defer to these laws when dividing assets and debts.

Talk to your attorney to determine which points to cover in your prenuptial agreement.

Unfortunately, if a marriage leads to divorce, the parties might assume that their prenuptial agreement is set in stone and cannot be altered or voided. Several conditions will invalidate a prenuptial agreement, and if you are considering divorce and believe your prenuptial agreement isn't sustainable, you can contact your lawyer to have it dissolved by the court.

Here are a few things that can invalidate a prenuptial agreement:

• The original agreement wasn't filled out or filed properly. If there aren't enough valid signatures, the document wasn't notarized, or it wasn't filed in a timely fashion, the document can be voided.
• One spouse lied on the original agreement. When either spouse misrepresents themselves, such as lying about their assets or debts, the other spouse can call the credibility of the prenuptial agreement into question.
• One spouse was ill or forced to sign the agreement. If a spouse is mentally incapacitated or was coerced or threatened into signing the contract, the court can invalidate the agreement.

Hire an attorney to help you understand the process of creating your prenuptial agreement and ensure that every aspect is legitimate and valid.

Understanding the truth about prenuptial agreements can help you make an informed decision before you say, "I do." If you have any further questions, contact Hart Law Offices, P.C.