Experienced Southborough Family Attorney
Just about everyone has heard of prenuptial agreements or "prenups". Following every announcement of a new Hollywood divorce comes the talk about who will get what, and whether the celebrities had a prenup. However, not everyone realizes that prenuptial agreements can be a valuable tool for non-celebrity couples who have moderate incomes and assets.
A Prenuptial Agreement (also known as a Premarital Agreement) is a contract between two parties that is entered into prior to their marriage. It involves a full financial disclosure by both parties, which includes detailing all of the assets belonging to each person: real estate, retirement accounts, pensions, collectibles, cash, and bank accounts. Once both parties are satisfied that they have a full financial picture of each other's assets, they agree on what will remain in each party's possession in the event of a divorce. Making this determination is necessary because Massachusetts law provides that all assets held in the parties' names at the time of divorce is subject to division, regardless of who has possession of it. In other words, a home owned by Spouse A prior to the marriage could be transferred to Spouse B following divorce, even if Spouse A retained sole title to the home during the marriage.
Shrewsbury Prenuptial Agreements
While prenuptial agreements can seem daunting and pessimistic, they provide peace of mind in a floundering economy and can also encourage parties to seek counseling prior to filing for divorce. Further, prenuptial agreements must be voluntary and "conscionable" at the time that they are being enforced. This means showing that they were entered into knowingly and without duress and that the agreement made appropriate provisions for both spouses and for property acquired during the marriage. For this reason, it is imperative that those interested in obtaining a prenuptial agreement consult with an attorney who is up-to-date on current case law and who is experienced in drafting such agreements. Contact Attorney Wons to schedule your initial meeting and learn more about the benefits and requirements of a Massachusetts Prenuptial Agreement.
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