As you and your significant other prepare to tie the knot, you may be trying to decide whether a prenuptial agreement is right for you.
Prenups can serve different purposes depending on the needs of the couple. Prenups may be used to:
- Distribute assets
- Provide financial gifts to child from previous marriage or relationship
- Keep family-owned business in the family
When is a prenup unenforceable?
In order for a court to enforce the terms of your prenup, the prenup must meet certain requirements and contain legally valid provisions. Prenups that do not meet the criteria will be partially or fully invalidated by the court. Typically, courts will refuse to enforce parts of a prenup, or invalidate the entire prenup, if one or more of the following are true:
- One spouse signed the prenup was coerced into signing or signed under duress)
- One spouse signed it without having time to think about it or without reading through it.
- One spouse failed to adequately disclose material information regarding their assets/debts.
- The agreement was not in writing.
- The agreement contains invalid provisions (e.g. provisions encouraging illegal activity, provisions relating to child support/child custody).
- The agreement is unconscionable or grossly unfair to one party.
Engaged couples typically would rather plan their wedding than think about what will happen if they get divorced. Even if both parties agree to sign a prenuptial agreement, they may not agree on the terms of the agreement. However, a family law attorney in the Salem area can relieve some of this stress by ensuring that your agreement is legally enforceable and fair to both parties.