Is a Pre-Marital Agreement Right for Me?

What is a premarital agreement?

A premarital agreement is an agreement between spouses that expresses each party’s wishes in the event of divorce. A premarital agreement is only valid if it is drafted and executed with the intention to remain married. A separation agreement is not considered a premarital or marital agreement.

Can I sign it after I’m already married?

Yes. A pre-marital agreement is an agreement to divide assets in the event of divorce that is signed before the marriage. A marital agreement is the same agreement, but signed after the marriage has already occurred. Both are enforceable, if they are entered into with the intention to remain married.

What can I include in my pre-marital agreement?

You can include any asset or debt that would be divisible in a dissolution of marriage, or divorce. You can also include provisions regarding spousal maintenance, sometimes known as alimony. If you include language regarding parenting time or child support, these provisions are not enforceable because the Court is still bound by the consideration of the children’s best interests, not what the parties agreed while they were intending to remain married.

How to I make sure my pre-marital agreement is enforceable?

As with any contract, the pre-marital agreement should be negotiated in good faith and with a full accounting of all material facts. For a pre-marital agreement, this means each party must produce a financial disclosure of each and every asset so that it can be incorporated and acknowledged in the pre-marital agreement. There is also statutory language that must be included. And finally, each party must have the opportunity and meaningful ability to analyze and negotiate with the assistance of counsel. A pre-marital agreement tainted by allegations of coercion can be set aside and may not be enforceable in the event of divorce.

How do I know if I need a pre-marital agreement?

Generally, spouses who do not have substantial assets when entering the marriage may not need a pre-marital agreement, because there may not be any asset or income to protect. But if the parties wish to remain financially separate, or if they know that income or assets are going to come to one party and not the other, then one party may wish to waive their claim upon the assets in the event of a dissolution. We at Gunning LLC can help you analyze whether a pre-marital agreement is right for you, and we can help you draft it to protect yourself in the event the relationship dissolves.

*** This information should not be considered legal or professional advice and is provided for general informational purposes only. You should not apply the foregoing information without conferring with professional legal counsel about your particular matter.***