With half of all marriages ending in divorce, those entering a marriage may wish to take the proper legal steps to protect assets. A prenuptial agreement may be right for many Minnesota couples, especially those who come into a marriage with a significant amount of assets. Here are some reasons why a prenuptial agreement can help you, and how you can ensure that your document is legally enforceable.
A prenuptial agreement outlines what both parties can expect to receive in the event of a divorce. A prenuptial agreement discusses how to split any property obtained during the marriage. It can also be used to outline how income will be split and how expenses will be paid.
The couple must abide by the law in order for the agreement to be enforceable. There must be full financial disclosure at the time the prenuptial agreement is written. This means that both parties must let each other know about their assets. The couple must have the right to have the prenuptial agreement reviewed by a lawyer. The agreement must also be deemed fair and equitable and must be signed and notarized before the wedding takes place, at least 24 hours before the ceremony, but more time is recommended.
It is important to know that prenuptial agreements are for handling assets and other financial issues. Prenuptial agreements should not be used to decide domestic issues, such as division of chores, where to spend holidays or how often to have sex. In addition, issues such as child support and alimony should not be mentioned in a prenuptial agreement. Contact a reputable family law attorney to learn more about what prenuptial agreements can and cannot include.