Laws in Minnesota define how the property and assets should be divided in the case of a divorce. However, there are other options. Some people prefer to decide on the division of their property and assets themselves by signing prenuptial agreements.
Surprisingly, even though the couple may not opt for a prenuptial agreement, they will still be legally bound by the concept. The laws of the state would dictate. During a divorce, if there is no prenuptial agreement, the couple is bound by their state’s laws of marital property division. It is up to the couple to decide which they prefer.
Also, many people prefer not to discuss their finances when they are getting married. However, all people who are marrying should be aware that financial issues are going to be a part of their life. A discussion about these matters before marriage will help the person understand their partner’s perspective. Also, if the couple figures out a way to solve any financial issues prior to marriage, this may help them strengthen their marriage.
Prenuptial agreements can help couples divide their property and assets and become prepared for any eventualities in marriage. The couple will also have a more established plan if they end up divorcing. These agreements not only help to strengthen the marriage by making a couple decide on the most crucial issues but they may also help the couple develop a better understanding of each other.
Prenuptial agreements help individuals to define their rights and obligations about property division. At times, they could also include details about spousal support payments. It is essential that the agreements fully disclose assets and liabilities to enable both parties to make the most appropriate decisions.
Although prenuptial agreements are legal contracts, they may be challenged. It is important that these documents are drafted by a legal professional who is very knowledgeable about Minnesota state laws. Also, the people signing the agreement should be aware of its contents and their obligations before they sign.
Source: The Huffington Post, “How To Strengthen Your Marriage With A Prenup,” Erik Newton, Feb. 13, 2013