What Are Prenuptial Agreements?
Couples planning to marry sometimes sign a prenuptial agreement. This is a contract signed before their marriage to set out property rights and other legal issues if their marriage ends in divorce. A couple should understand the legal significance of a prenuptial agreement before signing one. If the couple decides to obtain a prenuptial agreement, they should research and understand the laws of their state, as different states have varying requirements.
Other People Are Reading
-
Legal Significance
-
A prenuptial agreement is also known as a marital agreement or antenuptial agreement depending on the state where it is executed. It usually includes provisions for property division and spousal support in the event of divorce. It identifies each person's separately owned property before the marriage and states who will own property acquired during marriage. Future spouses may choose to include as few or as many provisions as they wish in the agreement. If the couple divorces, their prenuptial agreement may affect the divorce settlement. State divorce courts often follow the terms of a valid prenuptial agreement unless a spouse can successfully contest the validity of the agreement.
General Requirements
-
A prenuptial agreements is a contract. As such, it must meet the standards for a legal contract established under the laws of the state where the spouses entered into the agreement. Both parties must sign the document. Both parties must have the mental capacity to enter into a legal contract. The future spouses must exchange information regarding their incomes, assets and debts before signing the agreement. If the information provided by either person is not truthful, the other party may be able to overturn the agreement on grounds of fraud or misrepresentation. Some states, such as California, impose a waiting period between signing the agreement and the wedding. Even if not mandatory, a short waiting period for negotiation and signature of a prenuptial agreement is often advised, as an immediate marriage may create an impression of duress or involuntariness, which an aggrieved spouse may later use to cast doubt on the agreement's validity.
-
Limitations
-
Prenuptial agreements usually cannot include provisions regarding child custody or child support in the event of a future divorce. States have specific laws governing these areas. State courts will generally issue orders for child-related issues by looking at the child's "best interests" at the time of the divorce, not at what the parents agreed upon in the past. Either spouse can, however, submit the prenuptial agreement for the divorce court's consideration in child-related issues.
Attorney Involvement
-
States have varying requirements as to whether each future spouse must have an attorney to represent the individual's interests and assist with writing the prenuptial agreement. In states with counsel requirements, the lack of an attorney may lead to a presumption under state law that the spouse without an attorney did not sign the agreement voluntarily or did not fully understand her rights before entering into the agreement. In California, for instance, the lack of independent counsel to represent a spouse can affect the validity of the agreement if one of the spouses seeks to overturn the agreement or enforce its terms in the future.
-
References
- Photo Credit Jupiterimages/Polka Dot/Getty Images
