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Avoid making these prenuptial agreement mistakes

On Behalf of | Jun 3, 2024 | Family Law

People who are getting married sometimes go into their marriage owning assets and/or assuming debts that they have acquired as single individuals. This reality can inspire a need to protect their interests in case their marriage ends in divorce. A prenuptial agreement is often the most effective way to handle this kind of concern.

A prenuptial agreement must be based on facts and complete honesty. This means that both parties must provide an accurate account of their financial situation. If you’re considering a prenup, there are a few errors you should ensure that you don’t make.

Mistake 1: Avoiding a prenup

One of the most important mistakes to avoid is simply failing to set up a prenuptial agreement. Some people think that this type of agreement means they think the marriage will end. That’s not the case. A prenuptial agreement is actually a way that both parties can have financial stability and ensure they’re both on the same page about finances when they get married.

Mistake 2: Presenting it too late

Both parties must be able to review the prenuptial agreement’s terms. Each person should have their own attorney to ensure their own interests are being represented properly. Because of the need to review the agreement and have it reviewed by their representative, the agreement can’t be presented at the last minute. Instead, it should be handled well in advance of the wedding.

Mistake 3: Including forbidden terms

There are some very specific points that you can’t include in a prenuptial agreement. This includes things that would encourage a divorce, as well as certain points related to children. You can’t put in anything about child custody or child support terms because those must be set based on what’s best for the children at the time the decision is made.

Having a legal representative to assist you as you either create or review a prenuptial agreement is important. An agreement must be fair to both parties and include only terms that are legally valid. Any issues with the prenuptial agreement may render it unenforceable if it ever needs to be used.