What is a prenuptial agreement?
Prenuptial agreements, are simply contracts or agreements that parties enter into prior to their marriage that sets out what will happen in the event of a dissolution of the marriage. A good prenuptial, or as misspelled - prenumptial, can be used to protect both your assets prior to the time of the marriage and even possibly limit what is recieved at the time of the divorce depending upon the circumstances. Agreements can also help prevent the parties' families from fighting upon the death of one spouse by protecting the family's interests intact or keeping the property from transferring to the surviving spouse, but also allowing the surviving spouse use of the property until he or she no longer needs it.
What are the requirements of a valid prenuptial agreement?
To sign a prenuptial there must be complete disclosure of the assets of both parties or the party desiring to keep his or her assets separate. Further, the parties should have adequate time to seek counsel. Additionally, the agreement must be supported by adequate consideration. Fortunately, the fact of the marriage can be sufficient consideration to support the agreement. Finally, like any other contract, neither party can be coerced, or under duress, at the time of the signing of the agreement.
I am already married, but want this type of protection. What can I do?
Obviously, if you are already married, you cannot have a prenuptial agreement. However, postnuptial agreements, or antinuptial agreements, are the same as prenuptial agreements with the only difference being that they are signed after the marriage. The downside to this sort of agreement is that a postnuptial agreement is usually harder to enforce. That is, just saying to your spouse, "sign this postnupt or I divorce you" in itself is not enough. Continued marriage is not usually adequate proof consideration, or a reason for the postnuptial like the marriage is for a prenuptial. You must then have a different form of consideration.
