COMMON PITFALLS OF A PRENUPTIAL AGREEMENT
In Kansas, 26.7% of men and 27.2% of women remarry. With these new marriages, the spouses often bring in accumulated wealth and assets, business holdings, and children. All these factors must be accounted for in some way, which is where prenuptial agreements come in. Prenuptial agreements are more common in second marriages, but prenups can be useful in any kind of marriage.
Some people view prenuptial agreements in a negative light, but in reality, they can be helpful for both spouses. At Roth Davies LLC, you’ll work with an attorney who will help you protect your assets and avoid the common pitfalls that can occur when drafting a prenup. If you’re in the Overland Park, Kansas area, or anywhere in Johnson Country, call today to start discussing your options.
WHY DO COUPLES SIGN PRENUPTIAL AGREEMENTS?
Many people falsely believe that signing a prenuptial agreement means you don’t trust your future spouse or that you don’t really love them. However, there are many valid reasons why couples choose to use a prenup. For example, many people entering into a second marriage who have children from their previous relationship may wish to sign a prenup to ensure those children’s inheritance is secured. Other times, one spouse may have business relations with their family and a marital agreement is the best way to keep finances separate. Lastly, one spouse may have considerable wealth that they’ve acquired before their marriage, and they wish to keep those separate.
POTENTIAL PITFALLS OF A PRENUPTIAL AGREEMENT
A prenup can be a useful tool for many couples, but it also has the potential to cause issues if you don’t approach it in the right way. Here are a few things to look out for if you’re considering a prenuptial agreement.
Failing to make it enforceable. A well-written prenup isn’t worth a thing if it can’t be properly administered. You should always work with an experienced family law attorney to ensure the enforceability of your prenuptial agreement.
Using unclear language. If you use ambiguous or unclear language, it increases the likelihood your prenup will be challenged in court.
Pressuring your spouse into signing it. It’s illegal to use fraud or coercion to manipulate your spouse into signing a prenup. If it’s found that your spouse lacked complete knowledge of what they were signing, that you withheld information from them, or that they were forced to sign, then it’s likely to be challenged in court.
Not fully disclosing all income, assets, property, and debts. In order for a prenup to be enforceable, both parties need to fully disclose their wealth. If one party fails to do this, not only will it be bad for your relationship, but it may also render your agreement invalid.
Not consulting legal counsel. It’s common for parties to seek independent legal counsel before they sign a prenuptial agreement. If you don’t, you may not fully understand the provisions and could be at a disadvantage later on.
Setting forth unfair provisions. There are a few things that you can’t include in a prenup such as child support or custody provisions, but there are also instances where a prenup can be grossly unfair to one spouse. If your agreement clearly favors one spouse over the other, it may be found invalid by a court.
HOW TO AVOID POTENTIAL PITFALLS
The single best thing to do to avoid these pitfalls while also getting the asset protection you need is to hire an experienced attorney. An attorney can ensure your agreement is well-written and legally binding. You can also avoid potential issues by being 100% open and honest with your future spouse about your assets. Marriages (and prenups) only work if there’s trust between the two parties. If you’re the one proposing the prenup, encourage your partner to seek legal counsel on their own so they’re comfortable with the terms and can have all their questions answered.
HOW ROTH DAVIES LLC CAN HELP
If you’re considering proposing a prenuptial agreement to your future spouse, there are certain factors you should look out for. An experienced family law attorney can help you navigate this tricky road and help you come up with an agreement that both parties accept and one that has the best chances of holding up in court. If you’re looking for an attorney in Overland Park, Kansas, reach out to Roth Davies LLC today to set up a consultation.