Prenuptial agreements may not be as common as some may think, but they are used. They are mostly used in subsequent marriages when the parties involved have significant assets and have already gone through the divorce process in which they lost assets due to the absence of a prenuptial agreement.
Due to the fact that equitable division of assets doesn’t necessarily mean equal division in Minnesota, it is possible for someone who had assets prior to the marriage to lose some of those assets without a prenuptial agreement. For instance, the lower earning spouse may seek certain sums of money to maintain the lifestyle that they lived during the marriage. A prenuptial agreement signed by both limits what can be lost if a divorce occurred. Your Minnetonka divorce lawyer can help you establish a prenuptial agreement that is based on your terms so that you can protect what you have earned. You may decide to limit asset division to what is acquired during the marriage or you may impose even stricter limits. As long as the other spouse agrees, it is binding.
The Goal Of A Prenup
The goal of a prenuptial agreement is to define the rights of each party and also define what their obligations are with respect to pre-marital property split. The agreement may also address spousal maintenance in the case the marriage is dissolved. The contract is a legal one and one that must be entered into before the marriage occurs.
Those individuals that enter into prenuptial agreements are those that are considered rich. Most individuals have heard of movie stars, rock stars, oil tycoons, and other such individuals entering into prenuptial agreements to protect their assets. Most everyone has also heard about those that did not have prenuptial agreements and they lost a significant amount of money. Movie stars have had to pay out millions to then pay tens of thousands in alimony on a monthly basis. If they had prenups in place, they could have limited the losses.
Enforcing Prenuptial Agreements
Prenuptial agreements are enforceable, but they can be challenged because any legal document can be challenged. One of the main keys to making sure a prenuptial agreement is enforceable is to disclose all assets and liabilities to your Minnetonka family law attorney when the prenuptial agreement is being drawn up. This also helps both parties make better decisions.
If there is financial information not present in the agreement, the judge can push the agreement to the side. The reason for this is so an addendum can be attached to the agreement that describes the assets and liabilities of each party. The judge can then base their decision upon the information that is presented to them. It is also important for the other side to have a lawyer present at the time the agreement is being signed so that he or she cannot say they did not understand what they were placing their signature on when they signed it.
Minnetonka Family Law Attorney
If you have a great deal of assets you want to protect in case of divorce, let the Burns Law Office help you. After a thorough review of your assets, a prenuptial agreement can be drawn up for you so that you and your future spouse can sign and protect your assets against a potential divorce, although divorce is something that may never happen. Having an agreement is simply a safeguard and one that will give peace of mind. To schedule your free initial consultation, call us at (952) 898-6834 or fill out the contact form and someone from our office will contact you.