Is a Prenuptial Agreement Right for You?
When you think of a prenuptial agreement, you probably think that it is something for rich people. While a prenup is often used by the wealthy to help them protect their assets, there are no restrictions on this legal document. Anyone with any assets can use a prenuptial agreement.
A prenuptial agreement is a contract between prospective spouses that is signed prior to marriage (although such an agreement can be created after marriage, but then it would be called a postnuptial agreement). This legal document determines how the couple’s assets and debts will be divided upon the divorce or death of a spouse.
People opt for prenuptial agreements for various reasons. Some may want to have a prenuptial agreement to protect a business, property, or other assets owned prior to marriage. Also, people who have children from previous relationships often enter into prenuptial agreements to protect the children’s right to inherit the property so that their new spouse does not inherit everything upon their death. Premarital agreements become valid only after the couple is legally married.
Why Consider a Prenuptial Agreement
A prenuptial agreement can be advantageous for any couple. Here are some benefits to consider:
- It forces couples to discuss money.
- It can protect your family and their assets.
- It allows you and your partner to make decisions about your assets (rather than the courts).
- If you do divorce, a prenup makes it quicker and less expensive.
How to Make a Prenuptial Agreement Enforceable in Kentucky
A prenuptial agreement will not be enforceable if it does not meet certain guidelines. In Kentucky, a prenuptial agreement must be in writing and voluntarily signed by both spouses. Oral promises will not be enforced in court.
The agreement will not be enforced if it is signed under fraud or duress. Each spouse must fully disclose their assets to the other before the prenup is signed. Each spouse should ensure that all their assets and debts are listed correctly in the agreement.
Each spouse must be mentally competent to sign the agreement. A court will invalidate the prenuptial agreement if a spouse suffered from mental illness, mental deficiency, or intoxication at the time it was signed.
Courts will also invalidate an agreement for fraud. A judge will throw out a prenup if a spouse lies about their financial status to their spouse or commits fraud to convince the other spouse to sign the agreement. Also, the prenuptial agreement must not be “unconscionable,” or grossly unfair to one party.
A prenup can be changed at any time. It can also be revoked if the couple desires to cancel it.
Contact Us Today
It does not matter if you are not a celebrity or a millionaire. Any married couple can benefit from a prenuptial agreement.
While nobody wants a divorce to happen, a prenup can be helpful should one occur. Protect yourself today. Contact the Kentucky divorce lawyers at Velez Law, PLLC, to schedule a consultation. Fill out the online form or click below link to schedule a consultation.