Tennessee Prenuptial Agreements
A prenuptial agreement, also referred to as a premarital agreement, is a legally recognized and enforceable way of protecting assets and future earnings in the event a marriage ends in divorce. The agreement must be in writing and must follow state mandated requirements for such agreements to be enforceable.
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Determining If You Need a Prenuptial Agreement
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Attorney Rachel Songstad advises that you should consider a prenuptial agreement if you expect a significant increase in your earnings, you may inherit significant assets, you own part or all of a business, there is a disparity between your potential earnings and that of your future spouse, one of you is supporting the other through college or one of you will soon be licensed as a professional and/or you have children or grandchildren from a previous marriage or relationship.
Advantages
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According to an article at US Legal Forms website, a prenuptial agreement benefits both people who are planning to get married. Such agreements set forth property division, spousal and child support; help to protect business assets and protect against creditors; and avoid litigation costs. In addition, these agreements allow you to make reasoned decisions about a potential divorce at a time when you are not being motivated by anger, hurt, and/or vengeance.
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Validity
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For a prenuptial agreement to be valid in the State of Tennessee, Attorney Rachel Songstad advises that five elements must be present. These are the agreement must be in writing, both people must enter into the agreement voluntarily, the agreement must be signed before a notary public by both parties, the terms and conditions of the agreement must be fair and must not violate law or public policy, and there must be full and fair disclosure of the parties' financial and other relevant information.
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References
- Photo Credit wedding image by Mat Hayward from Fotolia.com
