A pre-nuptial agreement, also commonly known as a pre-nup, is an agreement made before marriage to resolve issues of support and property division if the marriage later ends in divorce or by the death of a spouse. Pre-nuptial agreements require that it be in writing, signed, and acknowledged by both parties. There are various reasons why people might want a pre-nuptial agreement. One reason might be to protect property that has been in the family for a very long time. Another reason might be when someone is very wealthy and marries someone that is not as wealthy. The pre-nuptial agreement only becomes effective upon the marriage itself. Pre-nuptial agreements may not affect child support or children, so it is impossible to draft an enforceable pre-nuptial agreement to ensure you get custody of your children and the amount of child support that must be paid. The best way to draft a pre-nuptial agreement is to hire an attorney to ensure all the legal requirements are met. A pre-nuptial agreement can be drafted with respect to division of property upon separation, the amount of alimony or spousal support that must be paid, ownership and rights for the death benefit from a life insurance policy, and the making of a will or trust to carry out the provisions of the agreement, as well as any other matter not in violation of public policy or a criminal statute. First, the agreement must be entered into voluntarily, without fraud, duress or overreaching. Next, a full and fair disclosure by both parties as to their financial worth is generally required for the agreement to be valid. The agreement must also be fair and reasonable in its terms. There may be other legal requirements that an attorney can discuss with you prior to finalizing the pre-nuptial agreement.
Answered on Mar 04th, 2013 at 2:10 PM