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Prenuptial Agreements Broken Down To Protect You In A Break Up
Although they have stigmas attached to them, prenuptial agreements help lay the foundation for a solid and happy marriage. Make sure you know what your prenup should include.
Family law varies from state to state, so certain elements of a prenuptial agreement are dependent upon where you live. General guidelines are followed, however, and knowing what they are in advance helps you draft the perfect prenup to ensure that you and your soon-to-be spouse enter into a solid agreement upon which you can build a happy and lasting marriage.
Timing really is everything with a prenuptial agreement, which can be contested as invalid in the event of a divorce if the courts feel that one spouse was coerced into signing it. Work with qualified legal counsel to draft your pre-marital contract well in advance of your wedding day. If you hand it over and demand a signature at the rehearsal dinner, the court might say you pressured your spouse into signing it and toss it out.
You also have to “tell it like it is.” Full disclosure is crucial to any agreement. You and your fiancé must list everything covered under the contract. This includes your businesses, personal bank accounts, investments, properties, income tax returns and outstanding debt among other things. By fully disclosing everything, there’s no question as to which properties become marital property and which ones remain outside of the union after you have tied the knot.
To ensure that all is considered fair in the event your marriage dissolves and you need to fall upon the prenup, each partner should have his or her own counsel involved in drafting and finalizing the contract. This brings impartiality to the table and confirms that each spouse had his or her best interests protected by independent legal counsel when the agreement was originally executed. This is important because…
Yes, your prenup can be thrown out if the judge determines it is biased. You need to ensure that all provisions within the pre-marital contract are fair for both parties. This is why full disclosure is so important. It puts all the cards on the table where they can be divided equitably and not questioned later. When setting up your pre-marital contract, don’t be greedy. Ensure that both of your rights are protected in the event you divorce.
These are the basic elements behind a successful prenuptial agreement. The entire contract is far more complicated. To ensure your pre-marital contract has all the proper bells and whistles for a full-proof document, contact a divorce lawyer in Palm Desert to guide you through the prenup steps.
Paul advises people on divorce and family law matters. You can find his thoughts at Wordpress blog.
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