Defining Marital Property Rights in Advance
Prenuptial agreements are often used in second marriages where the parties have accumulated assets and have already gone through the experience of a prior divorce. People who bring significant assets into a marriage can also protect those assets through a prenuptial or antenuptial agreement.
At Dwire Law Offices in Lakeville, Minnesota, family law attorney Todd Dwire offers a free initial consultation to discuss whether you could benefit by having a prenuptial agreement.
What Are Prenuptial Agreements?
The goal of a prenuptial agreement is to define in advance what each party’s rights and obligations are with respect to the split of premarital property and, in some cases, the payment of spousal maintenance in the event of a dissolution of marriage. It’s a valid legal contract that the parties enter into on the cusp of a marriage.
Are Prenuptial Agreements Enforceable?
Prenuptial agreements can be challenged like any other legal document. One of the keys to making a prenuptial agreement enforceable is to provide full disclosure of assets and liabilities so both parties can make educated decisions.
If financial information is missing from the prenuptial agreement, a judge can set the agreement aside. For this reason, an addendum is attached to the prenuptial agreement that describes each party’s assets and liabilities.
We also like the other side to be represented by a lawyer. Mr. Dwire believes this limits the opportunities for the other side to challenge the premarital agreement by claiming he or she was deprived of the ability to have counsel or didn’t understand what he or she was signing.