A common misunderstanding of prenuptial agreements is that they are strictly for wealthy couples who wish to protect their assets. Prenuptial agreements are for couples of all kinds, as they protect more than just money. A prenuptial agreement is a legally binding contract that a couple signs deciding what will happen if the marriage ends in separation, divorce, or death. It can help avoid or reduce legal disputes by pre-determining the division of a couple’s assets which can include property, businesses, automobiles, or retirement accounts.
It truly is the personal choice of the couple themselves to obtain a prenup, and no one else’s choice. There are several situations a couple could be in where a prenuptial agreement may be beneficial:
These are general examples, and there could be different reasons a couple chooses to obtain a prenuptial agreement.
Prenuptial agreements can protect and cover a variety of issues, which is why they’re not strictly for wealthy couples. Prenups can include some or all of these issues:
Wisconsin has enacted the Uniform Premarital Agreement Act which states clear rules to properly execute a valid agreement. For a prenuptial agreement to be valid, it has to be in writing and signed by both parties, signed “in contemplation of marriage,” and the agreement does not have to be supported by consideration. Consideration is something that value that each spouse exchanges to show support of this contract.
Even with all of the above, prenuptial agreements can still become unenforceable in certain situations such as:
It’s important to acquire an experienced attorney when obtaining a prenuptial agreement because there are many legal considerations within the contract. From procedural and substantive issues when creating the agreement to federal laws, an attorney will be knowledgeable in all of these and will be able to assist you in writing a valid prenuptial agreement. At Hart Law Office, our attorneys have over 46 years of experience to assist you with contracts. Contact us for a free consultation.
Q: What is a divorce?
A: A divorce is the legal termination of marriage. All states require a spouse to identify a legal reason for requesting a divorce when filing the divorce papers with the court. The reasons given when filing are referred to as the grounds for divorce.Read More ›