Prenuptial Agreements are something that most of us don’t think about. We often don’t think about prenups prior to marriage. The divorce rate is so high that we need to think about prenups. In marriage we tend to think that will last forever, but marriages often result in divorce more than we often realize. The last thing we often never hear in divorce court is that our ex spouse loves us.
What is a prenuptial agreement?
Prenuptial agreements are also known as “prenups” for short version of the word. A prenuptial agreement is an agreement made prior to marriage that states what would happen to assets and money along with other types of things such as houses and cars in the event of a divorce. Prenups offer you protection in the event of a divorce so that your spouse can’t take everything that you own. Prenups makes it so that your spouse can’t take half of your money.
Prenuptial agreements also help make sure that houses and cars along with other assets can’t be taken away from you in the event of a divorce. It isn’t fair that without a prenup then your spouse can usually take half of your retirement too.
Prenuptial agreements offer us protection. It offers us protection in regards to assets, money, and inheritances. We also have protection with retirements too. It is better to be safe and over protective with our own money than under protective. It isn’t fair for your spouse to get money from an inheritance from your family member or money from family businesses. You need to protect your money.
How can a prenup be thrown out in court?
A prenup can be thrown out if you two didn’t have a lawyer. You both need to have different lawyers. You can’t use the same attorney to do a prenup otherwise it may be thrown out in court. Prenups can always be thrown out if your spouse claims that he or she was forced into signing it or something else among those lines.
Another thing to know about prenups is it can be thrown out if anyone hide any large amount of assets or bank accounts. It can be considered fraud if you two withhold any information regarding assets. People often can get prenups thrown out if they claim that they didn’t understand the terms of the prenups. If they don’t have an attorney at the time of the prenup then that is valid reason for throwing out a prenup too.
Things to Remember About Prenuptial Agreements
In the event of divorce court a judge will make sure that it is pretty fair to both spouses. A prenup has to be pretty fair in it otherwise a judge can dismiss the prenup if it isn’t doesn’t seem fair to both parties. Another thing about prenuptial agreements is to remember to consult with an attorney about any wills that you may have. Wills can also interfere with prenuptial agreements in certain situations so make sure to talk to your attorney about them.
Can prenuptial agreements expire?
Yes a prenup can expire after a certain amount of years. It depends upon what agreements are made in the prenups. Some prenuptial agreements will not be valid after 10 years or so depending upon the terms in the prenups that was agreed upon with the lawyers. Some couples choose to renew the prenup to update it with new things since over time you both would have acquired more assets or money.
What things are red warning flags in a prenuptial agreement?
Be careful about signing any prenuptial agreement unless you have read it completely and carefully. Make sure to have your attorney look at any prenuptial agreement before you sign it. It is a red warning flag if the prenup agreement is basically all one sided and if it doesn’t entitle you to some assets and money after so many years in the marriage.
Another warning red flag is if your spouse seems greedy in the prenup. A prenup should be pretty fair for you and your spouse as far as assets and money goes. Both of you should be happy with the prenup before you sign it. If there is too many red warning flags in the prenup then you need change the terms in the prenup before signing it.
If you suspect that your spouse is withholding asset information then don’t sign the prenuptial agreement. It is a big red warning flag when someone tries to withhold information regarding money and how much they are worth as far as assets goes.