When asked why they consider a prenuptial, many couples say they wish to make it in writing that the assets purchased prior to the marriage will remain personal. If this is all it is to be wished for, the prenuptial agreement is not necessary because in its absence, the law says the same.
What property rights should a prenuptial agreement protect then?
Generally, contrary to common belief, prenups protect assets that may otherwise be subject to marital property laws. Specifically, these documents may be used to:
- Protect one party from taking on the debts of the other
- Protect specified assets of one party
- Determine the manner in which property is passed on after death
- Simplify property division in the event of divorce
- Clarify financial responsibilities of the parties
Should I use a sign a prenuptial agreement prepared by my partner’s attorney?
No. You should be advised to consult an attorney before you sign the agreement and your attorney should make sure the agreement serves the best interest and the validity of the agreement. For a prenup to be valid in many states, it must satisfy the following conditions:
- Prenup must be written and signed by both parties and properly executed.
- Prenup must have been read prior to signing.
- Prenup must not have been signed under duress.
- Prenup must not have false information or be unconscionable.
- Both spouses must have had independent counsel.