A prenuptial (prenup) agreement offers numerous benefits to partners who want to get married. It determines each party’s rights regarding the nonmarital property, encourages financial conversations earlier and can help the parties go through a less stressful divorce process if it happens.
But to enjoy these benefits and more, your prenup must be valid.
It should be in writing
A prenup should be in writing to be enforceable. Ensure every decision you and your soon-to-be spouse agree on is in a well-written agreement.
Further, you and your partner should sign the written agreement in the presence of two witnesses and a notary.
You should sign the agreement voluntarily
You and your partner should acknowledge the antenuptial contract. If a party can prove they didn’t sign it voluntarily, perhaps they lacked the mental capacity to understand the prenup or were under the influence of drugs, they can invalidate the agreement in the future.
Be honest about your finances
For a prenup to be valid, full and fair disclosure of earnings, assets, debts and property is required. If one party undervalues their assets or fails to disclose a debt, a prenup can be deemed fraudulent.
Both parties should have legal guidance
Before signing a prenup, each party should consult with legal counsel of their own choice. A party not having separate legal representation can be grounds to invalidate a prenup.
It should be signed before the day of the marriage
Partners should execute their prenup before the day of the solemnization of their marriage. Signing a prenup on the day of the marriage can be a sign of being pressured. Each party should have time to research and get proper legal representation.
You don’t want to have a prenup that can be invalidated. Legal guidance can help you avoid this.