Family Lawyer Answers: What is a Prenup and when do you need one?
Today, I'm going to be discussing prenuptial agreements which are often called "prenups". A lot of individuals ask me questions about drafting prenups prior to getting married. When considering a prenup, you have to have an understanding of the laws that apply to the division of assets and debts in the event of a divorce or death. A prenup is designed to change the way that your property would be divided in the event of divorce or death, regardless of what the state laws say. For example, Kansas is considered a state where title is not dispositive. So if a husband and I own a home and I'm the only one on the title when we get divorces, he is still entitled to half of that equity in that home regardless of his name being on the title of the home. In the alternative, if we entered into a prenuptial agreement prior to marriage and stated clearly that anything titled in my own name stays my own property, then if we get divorced that house and all the equity would be set aside to me regardless of Kansas State Laws saying that title is not dispositive in a divorce. To make sure your prenuptial agreement is enforceable, you will need to provide your fiancé with a full disclosure of all your assets and debts that are premarital, and your soon-to-be spouse will have to do the same. It is generally advised that you execute a prenuptial agreement earlier rather than later - for example, do not present it the night before your wedding or it could appear coerced. If you have any questions about the benefits of a prenuptial agreement, please feel free to call us at (913) 451-9500