Couples in Rockville engaged to be married may be focused on “happily ever after,” but the reality is that some marriages will end in divorce. In order to protect their rights should such an occasion occur, those preparing to walk down the aisle may also want to execute a prenuptial agreement before saying, “I, do.”
What is a prenuptial agreement?
A prenuptial agreement is essentially a contract that protects both spouse’s interests in the event of a divorce. In a prenup, issues such as what property (and debts) are to be considered separate and what property is to be considered marital can be addressed. Other financial issues, such as spousal support, inheritances and more can also be included in a prenup. Prenups can help the divorce process run smoother, as certain divorce issues will already have been decided upon.
What to do before executing a prenup
If you decide to execute a prenup, do not wait until the last minute. You do not want to feel rushed into decisions that you do not agree with or do not understand. A last-minute prenup could even be considered invalid on grounds of coercion or duress.
In addition, to execute a prenup each party must fully disclose all their assets and debts. It may be tempting to hide assets, but this is illegal and generally the spouse hiding assets will be caught. It is better to be upfront and honest about your finances.
Also, each party to a prenup should retain their own attorney. A prenup is a legally binding document. Therefore, it is essential that each party’s rights and interests are upheld. An attorney can explain what the prenup contains so that their client can make informed decisions.
Learn more about your rights
Ultimately, this post is for informational purposes only and does not contain legal advice. Our firm’s family law webpage may be of use to those who want to learn more about this topic.