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When you get married, the intention is for it to last for the rest of your life. It is an event that dramatically changes your legal status and it is one that will affect the money that you earn and your assets. That is why it is good to have a prenuptial agreement in place before the wedding. It is not a sign that you don’t think the marriage will last, but it is one that will safeguard your interests just in case something does happen.
If you and your future spouse wish to establish a prenuptial agreement prior to the ceremony, a Northern Minnesota and Wisconsin family law lawyer from our office can help you. Through a solid prenuptial agreement, matters are much easier to resolve in case the marriage does fail in the future.
When we draft a prenuptial agreement for you, we ensure it is written carefully. We take the time to learn about your unique situation and draft an agreement that works for both of you so that it can be enforced if a time ever comes that it needs to be. There are many cases where prenuptial agreements don’t have to be enforced. When they are, it is best to ensure that they are relevant and well-written.
For a prenuptial agreement to remain enforceable, it needs to contain full and fair disclosures of the property and earnings of each party. Each side must have a chance to consult with their Northern Minnesota and Wisconsin family law attorney and the agreement needs to be in writing. There must also be an included statement of income and assets of the parties.
If need be, the prenuptial agreement will be enforced by the court. That is unless something within the agreement is found to be unfair at the time of the divorce. The prenup will not be enforceable if the circumstances in which it was drafted have changed so much that enforcement of the agreement would not be in line with the expectations of the parties when the contract was initially executed.
At the time you need the agreement executed, your attorney can help you. You will receive the guidance you need through the divorce process, through the execution of the agreement, and throughout any other procedures that need to be carried out during the divorce.
Even if you are already married, you and your spouse can have a post-nuptial agreement drafted. This can happen if the two of you had assets and income before the marriage that you would still like to protect in the event a divorce would occur. A post-nuptial agreement is not a sign that the marriage is going to end or an expectation of such; it is simply an agreement that protects assets and income. Compared to a pre-nuptial agreement, there are some additional procedural requirements that must be met in order for a post-nuptial agreement to remain enforceable.
If you wish to have a post-nuptial agreement created, a Duluth divorce lawyer at our office can help you so that you can have the security that you and your spouse wish to have just as a safety measure.
There are strict requirements for post-nuptial agreements in order to make them enforceable. For instance, both spouses have to be represented by separate attorneys in order to execute the agreement. It must also be determined that neither party entered into the agreement while under undue influence, duress, or under any other impediment. If it is determined that the agreement was entered into under such circumstances, then it is not valid and the assets in the divorce will be subject to traditional property division.
Even when all of the procedural requirements are met, enforcing the post-nuptial agreement at the time of divorce can be complicated. When one spouse wants the court to enforce the agreement, the court has to use their discretion as to whether to disregard or supersede the terms within the agreement because of circumstances that may have changed for one of the parties. These circumstances have to make the agreement unfair in order for it to not be enforced.
In all, the post-nuptial agreement is scrutinized for validity at the time of its execution. This is one reason why it is very important to have a Duluth divorce attorney working with you at the time the agreement is drafted and also when you wish to enforce it.
Because a post-nuptial agreement is drafted after marriage, it is possible for you and your spouse to keep it up-to-date to ensure that it is always fair. Circumstances do change during marriage and, just as you would update your will to reflect your current assets, you can change your post-nuptial agreement to reflect the changes. That way the two of you encounter few issues, if any, if you ever need to enforce the agreement.
When you enter a marriage with a great number of assets, it can be ideal to establish a prenuptial agreement as a safety net in case the marriage does not work out. Many couples never have to turn to a prenuptial agreement because their marriage lasts, while others find that a prenuptial agreement saved a great deal of time and money during the dissolution process. Even after you get married, you can create a post-nuptial agreement that outlines who receives specific assets, such as those that were owned prior to the marriage. While the goal is for the marriage to last a lifetime, a post-nuptial agreement serves as a safety net. If you and your spouse would like to establish a post-nuptial agreement or if you wish to establish or enforce a prenuptial agreement, call the Benjamin Kaasa Law Office, PLLC at 218-464-3397 for a consultation.