Prenuptial Agreement in Effect: What You Need to Know
Getting married is a beautiful union of two people who love, trust, and want to spend their lives together. However, as much as we believe that marriages are forever, the unfortunate truth is that things can change. Divorce is a harsh reality that many couples face, and the financial and legal implications can be devastating.
Enter the prenuptial agreement, a legal document that can help protect your assets and financial interests in the event of a divorce. While prenuptial agreements were once considered taboo, they are becoming increasingly common, especially for couples who have significant assets or property.
So, what do you need to know about a prenuptial agreement in effect? Here are some key points to consider:
1. It should be created before you get married
A prenuptial agreement must be created and signed before the wedding day. This is to ensure that both parties have a clear understanding of what they are agreeing to before entering into the marriage.
2. It must be in writing
A prenuptial agreement must be in writing and signed by both parties. Verbal agreements will not hold up in court.
3. It must be fair and reasonable
A prenuptial agreement must be fair and reasonable to both parties. It cannot be used to unfairly advantage one spouse over the other, nor can it be used to waive a spouse`s right to basic financial support.
4. It can cover a range of topics
A prenuptial agreement can cover a range of topics, including property division, spousal support, and the division of debts.
5. It can`t cover child custody and support
A prenuptial agreement cannot cover child custody and support. These types of agreements are determined by the court based on what is in the best interest of the child at the time of divorce.
6. It can be amended or revoked
A prenuptial agreement can be amended or revoked at any time by both parties. However, if one party wants to revoke it without the other`s consent, they will need to go to court to do so.
In conclusion, a prenuptial agreement in effect can help protect your financial interests in the event of a divorce. However, it is important to approach the topic with sensitivity and transparency. A prenuptial agreement should never be used to take advantage of one spouse or create an unbalanced power dynamic in the marriage. Instead, it should be viewed as a practical and responsible decision for couples who want to protect their financial future.