When you intend to get married and own property or a business, a prenuptial agreement might provide you with peace of mind. No one plans for a marriage to end, but being protected and going into a marriage with everyone on the same page can have significant benefits for a couple.
A Mankato prenuptial agreements lawyer could help you understand your rights and advise you on available legal options. These contracts are commonly used to set expectations before marriage. Let a dedicated marital agreements attorney answer your questions on how they work.
The purpose of these contracts is to alter how the law works regarding property division following a divorce. While state statute determines how a judge should split up what is jointly owned by a couple, they have the power to work out a different agreement. A Mankato prenuptial agreements attorney could help you understand your available options.
The most common reason to enter into a marital contract is a significant difference in wealth between the two future spouses. When one person owns more than the other, it can cause friction in the relationship. The parties have the power to agree to an arrangement regarding the division of assets or spousal support that differs from what a judge would typically award.
There are also cases where these tools are useful for business owners. Many small businesses cannot survive being split in half or divided, putting at risk years of hard work and one party’s primary source of income. To prevent this outcome, some prenups count a closely held business as an individual asset that is not divided upon divorce.
Parents with children from another relationship might benefit from a marital contract by ensuring their older kids do not lose out on their inheritance.
Like any legally binding document, prenuptial agreements must meet certain minimum requirements. They must be in writing and completed prior to the date the marriage is finalized. In addition to the two parties to the contract, two witnesses must also sign in front of a notary public. This cannot be done through a power of attorney because both future spouses must sign directly.
Open disclosure is necessary for these agreements to be valid. Both parties must have a clear picture of each other’s debts and assets. Any signature obtained through fraud, coercion, or deception will also invalidate the contract. It is worth noting that a court could set aside the agreement if there is evidence that circumstances have drastically changed since it was signed.
If the document covers any real property, there is the option of filing with the county where that property is located. This provides formal notice of the ownership rights to the public. Ensuring that each of these requirements is met can be difficult without help. A Mankato attorney could ensure that all of the legal formalities for a prenuptial agreement are satisfied.
When you are planning for your future with a partner, now is the time to consider a marital contract. You have the opportunity to go into your marriage free from any misunderstandings or misconceptions about financial issues.
Call our firm right away for a private consultation with a Mankato prenuptial agreements lawyer. We would be happy to meet with you at your convenience.
