4 Components Of A Sound Prenuptial Agreement

Not all couples consider signing a prenuptial agreement before they get married. However, contrary to common belief, signing a prenup doesn't mean you'll get a divorce. In fact, this agreement can be very beneficial, especially if you're just about to tie the knot. While many may think that this legal contract only protects a wealthy person when they decide to marry another person with less money, a prenup has numerous other benefits.

Talking to a family law attorney is an important step that creates an opportunity for you and your soon-to-be spouse to discuss topics essential to a happy and successful marriage. Below are four components of a top-tier prenuptial agreement.

Disclosing Assets

Both parties must reveal their assets for a prenuptial agreement to be legally binding. Importantly, one of the reasons you should consider getting a prenup is to protect the assets you bring into the marriage. But this protection may be compromised if you don't disclose them when drafting and signing the contract. What's more, if you fail to disclose your assets, a judge may consider this fraud and invalidate the prenup. Therefore, to avoid issues down the road, ensure that you're completely honest with your lawyer when disclosing your assets.

Outlining What Happens In Case of Divorce

A legally sound prenuptial contract should outline what would happen if a divorce occurs. Thus, it should include plans for property division and alimony. It is especially important to consult an attorney if you know you may inherit property. Your family law counsel includes a clause in the agreement that ensures you retain your inherited property should you divorce.

Division Of Property After a Death

While demise is likely the last thing on your mind as you prepare to wed, legal provisions should be made for it, similar to property division after divorce. Since losing a spouse is undoubtedly heartbreaking, it is important to be mindful of your spouse's wishes, safeguarding their memory. Furthermore, if your family law attorney includes a death clause in the prenup, this contract can work the same as a will.

Voluntary for Both Parties

A prenuptial contract can be invalidated if there was undue influence, e.g., if one party threatened or in any way coerced the other party to sign. Fortunately, you can avoid claims of undue influence by hiring an independent counsel when drafting the contract.

To help start your marriage off on a strong legal footing, consider a prenup, as this contract helps lay the groundwork for your future finances. Accordingly, getting in touch with a family lawyer to help develop a legally sound prenuptial agreement regardless of your assets is prudent.