When it comes to marriage, money is an inevitably large aspect. When joining two lives together, there are a lot of things to consider when it comes to financials: joining your accounts together, buying a home together, spending, saving, taking vacations, buying large assets like cars, paying for children’s education, and so on. Things are equally complicated when it comes to ending a marriage. How do you untangle your finances? How do you divide your home? What about your business? How do you determine alimony? A prenuptial agreement is a document that declares how a couple’s assets will be divided in the event of a divorce or death. While no one gets married expecting to get divorced, it is important to be prepared for different possible outcomes. Read on to learn more about prenuptial agreements and why it is so important to fully disclose your finances during the process.
What Makes a Prenuptial Agreement Valid?
A prenuptial agreement is only considered valid under the following circumstances:
- If each party had its own attorney when creating the agreement
- If full financial disclosure was provided by both parties
- If the agreement was not signed under coercion or duress
- If the agreement was reviewed and approved by the courts as enforceable at the time it was created
Additionally, it must meet the following requirements:
- The document must be in writing
- Both parties must provide full disclosure at the time of execution
- The document must be notarized
- The document must be fair and just for both parties
- The agreement must be executed before the marriage
What if a Prenuptial Agreement is Found to be Invalid?
If you fail to disclose all of your assets, your prenuptial agreement may be considered invalid. This can cause a lot of issues down the line. For example, many prenuptial agreements are created in order to avoid lengthy, expensive, and stressful litigation. If your prenup is found to be invalid, you will likely have to engage in the litigation you and your spouse hoped to avoid. Additionally, you may lose some of the assets that were listed in the prenuptial agreement. Failing to fully disclose your finances may even be considered fraudulent activity, creating even more potential legal problems.
If you are interested in creating or enforcing a prenuptial agreement, contact our firm today.
Contact our Firm
We understand how emotional and difficult matters of family law can be. If you need the assistance of a knowledgeable attorney to help protect your right to your family, please do not hesitate to contact our experienced firm. We are eager and dedicated to helping you through this difficult time. Our personal injury specialists at Greenberg & Walden, LLC are standing by for a free initial consultation. Call us at 201-528-6928.