One of the greatest legal tools any married couple has to protect themselves in case of a divorce is the prenuptial agreement. Many people scoff at the notion of a prenuptial agreement because this contract received a bad reputation many years ago. But today, it is a critical contract that many couples sign before they walk down the aisle.
Prenuptial agreements can address matters such as property division in a divorce so that, should the need arise, the groundwork is already there to expedite this process. Prenups can also protect a family business and your estate plan. There are a bevy of uses for a prenup. But there are also ways that a prenup can be deemed invalid, so avoid some of these prenup pitfalls:
- Provisions are false, incorrect, or otherwise invalid. You can't lie in your prenup, and you also can't talk about topics that are off limits, such as child custody and child support.
- Time considerations were not allowed or followed. Every prenup signer needs to have enough time to fully consider the contract and all of its details. There are major ramifications to signing a prenup, so having enough time to think about it beforehand is important. If a spouse is pressured into signing, the prenup could be deemed invalid.
- The prenup should generally be fair. A prenup that favors one spouse too heavily could be deemed "unconscionable" by a judge and, as such, parts or all of the prenup could be struck down.
Source: FindLaw, "Top 10 Reasons a Premarital Agreement May be Invalid," Accessed June 15, 2017