7 Facts About Prenuptial Agreements You Should Know

You and your partner are in love and plan to marry. You may be thinking about asking your partner to agree to a prenuptial agreement, also called a prenup. You may be asked to sign a prenuptial agreement. A prenuptial agreement is a legal contract between you and your intended spouse to determine what happens in the event of a divorce. A divorce is the end of a marriage. Prenuptial agreements require each person to disclose all money, property and assets owned. They also outline each right and responsibility each person has such as how property is divided during a divorce. The contract must be made prior to marriage. States have laws involving how property if a marriage ends. However, courts recognize valid prenuptial agreements if they are different from state laws. This allows you and your spouse to divide property and assets without a divorce judge making the decision. You have to follow all prenuptial agreement rules for the contract to be valid. For instance, prenuptial agreements require full disclosure. If you are not honest and hide any assets, the agreement is voided. You and your intended spouse must have separate attorneys during prenup negotiations to make sure both party’s interests are heard. Both you and your spouse must enter into the contract without being coercion. This means that you cannot be forced to make a prenuptial contract if you do not want one. All prenuptial agreements must be fair and equitable. For instance, you cannot have a prenuptial agreement where you get all property and assets in a divorce and your spouse receives nothing. This is would make the agreement invalid. If you and your partner are thinking about getting married, contact an attorney. The following information are things included in prenuptial agreements:

1.Separate Properties

Property is defined as any money, house, jewelry or assets owned separately or jointly. In marriage, property is separated into two types: marital and separate. Marital property is property obtained during the marriage and owned by you and your spouse. This is what is divided during your divorce. Separate properties are any type of property that is owned by one spouse. The property is acquired prior to marriage. The property can also be anything you acquire after you separate from your spouse prior to obtaining a divorce. It cannot be divided or given to your spouse in a divorce. Prenuptial agreements allow you to determine what will be marital property and what will be solely owned by you after your divorce. For instance, you can protect your future inheritance, family business or family heirloom that is considered separate property. A prenuptial agreement also allows you to pass separate properties to your children from a prior marriage in the event that you divorce or die. Without a prenuptial agreement, your children from a prior marriage may not get your separate property. Your intended spouse may have the right to claim the bulk of your property if you die during the marriage. If you need legal assistance you can also find additional legal aid here and you can search for a lawyer here.