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Does your prenup have your best interests?

On Behalf of | Dec 29, 2023 | Family Law |

A 2022 Harris Poll found that roughly 40% of engaged or married couples between the ages of 18 and 34 have signed a prenuptial agreement. A prenuptial agreement is a practical step for couples looking to enter into marriage with a clear financial understanding and agreements. However, you may wonder if your agreement reflects your best interests.

This document, often drafted before the emotions and complexities of marriage come into play, sets the terms for many financial aspects in the event of a divorce or the death of a spouse. It is important to ensure that this agreement is not only legally sound but also fair and reflective of your interests.

Full disclosure of assets

A fair prenuptial agreement requires complete transparency about each party’s assets and debts. This ensures that both parties base their decisions on accurate and comprehensive financial information.

Protection of individual interests

The agreement should protect the individual interests of both parties. This includes considerations for future earnings, inheritances and personal investments.

Consideration of future changes

Life brings changes such as parenthood, career shifts or health issues. A fair prenuptial agreement should account for these potential changes and adapt accordingly. It is also important to update the prenuptial agreement when those changes happen, to ensure that the agreement remains relevant and fair.

Fair and equitable terms

The terms of the agreement should not overly favor one party. They should be equitable, taking into account each person’s financial situation and contributions to the marriage.

Reasonable provisions

Provisions for spousal support and asset division should be reasonable and not punitive. Unfair or extreme conditions may lead to one party contesting the agreement.

Remember, a prenuptial agreement is more than a legal document; it is a foundation for mutual understanding and respect in your marriage.