What Is Premarital Agreement
Although all states recognize prenomial arrangements, courts tend to review prenaptial agreements challenged by one of the parties. In many States, the spouse who requests the enforcement of a prenutial agreement has the burden of proof of its validity. Few courts are reluctant to make clauses that violate public order or are unscrupulously unfair to either party. A court may terminate the agreement in whole or in part if either party has agreed to the terms due to fraud or coercion. Courts take a close look at asset listings and income plans to ensure that parties openly turn to each other. Couples making prenutial arrangements should ensure that they explain in detail any provisions that a court may consider unfair. Russell D. Knight, a florida divorce lawyer, says people often want a prenup so they can keep what they brought into the marriage, which the law usually already protects — when financial assets are mixed up, things get complicated, and that, as Knight points out, “happens more easily than you think.” There are a lot of them, but “one of the main reasons to sign a prenup is to deviate from what the law would provide in the event of divorce,” says Elysa Greenblatt, a divorce lawyer in New York. “People often want to protect their wealth from distribution and a prenup is the obvious answer. There are other reasons that may not come to mind so quickly if a party has a child from a previous marriage – it may be important to have a prenup so that the parent can support that child with marital income. Another reason is the fact that divorce laws vary from state to state. If you live in a place where there are equitable distribution laws, but you can move to a community-owned state, it`s important to protect your assets and determine how they`re distributed. “The laws enacted by states that adopt the UPAA/UPMAA have some differences from state to state, but this legal framework has certainly made it much easier for lawyers to prepare binding marriage agreements for clients by clearly specifying the requirements.
For example, under Florida law, there is a very substantial difference in what is required to enter into a legally binding marriage contract compared to a post-secondary contract. To effectively waive the spouse`s rights that would normally be available to a surviving spouse under Florida law (such as property, elective shares, exempt property, family allowances, etc.), the parties must fully and fairly disclose their assets and liabilities to one another before entering into a subsequent contract….Posted on: October 15, 2021, by : greyson