Key Aspects Of A Prenuptial Agreement

Key Aspects Of A Prenuptial Agreement

Couples who opt for a marriage contract usually do so for one or more of the following reasons. If any of these circumstances apply to you or your future spouse, a prenup may be advised. Marriage contracts can settle almost everything from avoiding the standard rule in condominium jurisdictions (which distributes all marital property fairly in the event of divorce) to waiving maintenance or other assistance. Custody and alimony issues can be dealt with, but it is likely that the courts will remove them and reserve the right to decide on the well-being of the children. While marriage contracts are considered binding legal contracts, they are not inviolable. Under certain conditions, they can be rejected by a court if they are challenged in the divorce proceedings of a couple. A marriage contract can be deemed invalid under one of the following conditions: a spouse who brings a lot of debts to the marriage today is a fairly common situation. Sometimes the other spouse is not aware of the debt until after the marriage. This is a crucial topic that should be discussed before marriage. If the marriage ends, the other spouse obviously does not want to inherit the debt of his ex-spouse. A marriage contract can limit the liability of the non-debtor spouse and prevent creditors from seeking marital property to repay the debt.

To ensure that your legal rights are protected and that your pre-marital agreement is respected, it is always best to err on the side of caution. For example, have the agreement signed and certified as a notarized, even if no notary is needed, so fraud cannot be a case. Keep the agreement in a safe place after signing. To make sure everything is fine, it is essential to consider having the agreement verified by a lawyer, both before the letter and after signing. Both parties should present complete financial statements detailing all assets and liabilities. Such declarations should be made as close as possible to the date of the marriage in order to guarantee the current figures at the time of the execution of the agreement. Annual accounts should include bank accounts, income tax returns, security accounts, real estate and mortgage information, a list of automobiles and other vehicles, and outstanding credits. Provisions that waive or modify support are particularly vulnerable in the context of such an assessment.

Provisions that render a spouse incapable of meeting adequate needs, a drastically reduced standard of living, or a public office or near it, or provisions that are otherwise unscrupulous, shall not be applied. For example, the UPAA provides that where a provision allows one spouse to be entitled to social assistance, the court may order the other spouse to provide sufficient assistance to avoid that merit. Ultimately, the standard of fairness and the time for measuring them depends on the state. Clients should be encouraged to design agreements that meet the appropriate needs of a dependent spouse and take into account changes in circumstances during the marriage. This can be achieved by reassigning property or maintenance to a dependent spouse on the basis of the duration of the marriage. Another possibility is a sunset clause which provides that after a certain period, the entire contract or a particular provision, such as for example. B the renunciation of maintenance payments ends. These options can ensure that the agreement is fair and comprehensible at the time of enforcement, therefore reducing the likelihood that the provision will be repealed. This should highlight the importance of carefully arranging your marriage contract and always relying on experienced legal advice for the completion of marriage contracts.