If marriage is on the horizon, it may be a good time to talk to your future spouse about a prenuptial agreement, a contract defining the rights of each spouse regarding assets and debts.
This important document has a bad reputation, but they are more common than ever. First, you should understand what it covers and how to make it legally enforceable.
What you can cover in a prenuptial agreement
Your prenup can address anything related to your current and future property. Some common examples include:
- How to divide expenses during your marriage
- Each spouse’s rights to property
- The distribution of death benefits from each other’s insurance policies
- How to divide assets and debts in the event of death or divorce
- How to define inheritances or gifts as separate or marital property
One thing prenuptial agreements in Minnesota cannot do is outline child support obligations for current or future children. The law recognizes child support as belonging to the child. Therefore, the parents cannot address it.
How you can make it enforceable
Minnesota requires a written copy of a prenup signed by both spouses prior to marriage. Two witnesses and a notary must be present as well. Additionally, signing and notarization must be complete before the couple legally marries.
As long as each spouse fully discloses their income and assets, has a chance to meet with legal counsel and agrees to sign voluntarily, it should be enforceable. Additionally, you must record the agreement in your county.
Prenuptial agreements are sometimes complex. Some people choose to have a professional oversee the process.