Marital agreements such as prenuptial or postnuptial agreements are analogous to insurance policies as they create peace of mind. No longer a contract exclusive to the affluent, obtaining a marital agreement is now a prevailing exercise of due diligence for couples of all socioeconomic backgrounds. Negotiating a marital agreement can sometimes be a contentious and uncomfortable transaction between a couple. With divorce nearing 40 percent, a marital agreement is a practical and beneficial step to alleviate the possibility of future disputes or hefty legal fees in the event of divorce. Even though you may not anticipate a divorce, a divorce attorney can draft a meticulous marital agreement tailored to your needs.
Five Reasons to Negotiate and Sign a Prenuptial Agreement
A prenuptial agreement is a legally binding contract intended to protect each spouse's assets and property rights in the event of divorce. If a contesting party can prove coercion, the court may deem the terms of the contract to be unenforceable. For instance, if a spouse pressured the other to sign a prenuptial agreement without their review and shortly before the wedding, that may be considered coercion. Therefore, it is wise to execute the agreement carefully and identify and detail each couple’s assets and debts with full transparency. The many reasons to attain a prenuptial agreement can include the following:
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Akin to a promissory note, this agreement can protect both current and future assets.
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