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Premarital agreements, also called
prenuptial agreements or ante-nuptial
agreements,
are
written private contracts between two
people who are about to marry. These agreements set the terms
of possession of assets, treatment of future
earnings and debt, control of the property of
each party, and the potential division of property
if the marriage is later dissolved. These agreements
are more common if either or both parties have
substantial assets, children from a prior marriage,
potential inheritances, high incomes, or have
been through a divorce. However, they
are valuable regardless of circumstances.
Few people go into a marriage thinking it
will end, yet each year in the United
States 1.2 million
couples, about 50% of all marriages, end their
marriage.
Getting divorced can be expensive.
A valid premarital agreement can save you from
a contentious court battle and insure that your
children will not be used as pawns in a messy
divorce. Either party can stipulate that property
pass directly to the children instead of to
each other. It can also give you peace of mind
knowing that you won't lose what you have worked
for.
There is a popular notion that premarital
agreement will not hold up in court, but this
is not true. A properly written and
executed premarital agreement is enforceable.
Prenuptial Agreements are valid in all
50 states and the District of Columbia.
At least 26 states, including North Carolina,
have enacted a variation of the Uniform Premarital
Agreement Act (UPAA) which encourages the
enforcement of prenuptial agreements.
Despite their enforceability, a premarital agreement can be set aside for
fraud, duress, failure to disclose, unfairness,
and failure to be adequately represented. Both
sides should have independent legal counsel
to advise them in the drafting and review of
the prenuptial agreement. An experienced family
law attorney can help you define your short-term
and long-term goals in reaching an agreement
with your fiancé.
By far, the failure
to disclose is the biggest issue. All states
require that there be full disclosure of all
property and assets and that each spouse be
fully aware of what they are getting and giving
up. If either side is not represented by counsel,
or even poorly represented, these agreements
can be set aside.
Similarly, a marital
agreement
can be made after the wedding to resolve
differences arising between the parties regarding
future financial issues. The
Agreement
must be based upon some consideration other
than the marriage itself. Sometimes such an
Agreement
is made as part of a reconciliation of the parties
or one spouse supporting the other returning
to school. Marital
Agreements
have been held to be just as enforceable as
a Premarital
Agreement.
The attorneys at Haas McNeil & Associates,
P.A. will be happy to assist you through the
complex legal process. Commitment and responsiveness
to our clients' needs are our top priorities.
Please contact us at 1-866-783-9669,
or via our online contact
form, to get more information and schedule
a consultation with one of our attorneys about
prenuptial agreements.
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