Legal and Financial Aspects of Prenuptial Agreements

Posted by on Apr 2, 2014 in Issues of the Family | 1 comment

The internet and the plethora of information out there has convinced many people that they can do anything on their own with a little elbow grease and a lot of research. This can range from self-medication to drawing up legal documents. While it is a laudable objective to try to save on professional fees with the economy the way it is, it is really not a good idea to gamble on one’s health or legal issues. As pointed out in an article on the website of Arenson Law Group, PC in Cedar Rapids, it can lead to more expenses down the road, not to mention other undesirable circumstances. The assistance of a professional can help avoid these situations.

Because not all the information you find on the internet is updated, or applicable, or even true. After all, any Tom, Dick or Harriet can post information online and sound incredibly, well, credible. When drafting something as important as a prenuptial agreement, for example, it is recommended that you have it done by a competent legal professional in your state just to make sure that what you get is something that is actually valid and enforceable. It will cost more than the ink in your printer, that’s for sure, but you will have the assurance that you and your future spouse are not making any bad mistakes in such an important issue.

Prenuptial agreements, or sometimes referred to as premarital agreements, or a prenup, are a contract between two people who are about to tie the legal knot that dictates financial and other issues that may come up if and when they divorce, or if one of them dies. This may include guardianship or custody of children, alimony, property division, and so on. Most countries recognize prenups but the applicable laws in any jurisdiction are typically complicated. In the US, a prenup is recognized as legally binding provided it is properly drawn up in accordance with family laws in the relevant state. To be duly recognized in a court of law, a prenup must be:

  • Written
  • Notarized
  • Voluntary on the part of both parties
  • Based on full financial disclosure
  • Completed prior to marriage
  • Fair to all concerned
  • Legal and in accordance with public policy

If a judge decides that the agreement violates one or more of these conditions, the prenup can be ruled invalid.

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