If you’ll soon be getting married and you own valuable assets or treasured property, you would likely appreciate some assurance that your ownership of these things won’t change because of things not going according to plan. You want to be protected financially should your marriage end in a less than amicable manner. Unfortunately, although it is cliché, the phrase “life has no guarantees” is usually quite accurate. However, you can protect your most valuable assets in the case of a divorce through an expertly executed prenuptial agreement in Edina, MN. This type of agreement outlines what would happen to your assets in the event of a divorce, and if structured correctly, will supersede Minnesota’s typical division of assets and property guidelines during your divorce.
Who Should Utilize Prenuptial Agreements
While most people view a “prenup” as only being necessary for extremely wealthy individuals who don’t want to find out too late that their partner married for money, the reality is that there are a variety of reasons a couple may want to utilize a prenuptial agreement before they get married.
The first reason to utilize a prenuptial agreement is the previously mentioned desire to protect high value assets. Another motivation for creating a prenuptial agreement may be to protect your assets for your children from previous relationships. If you have a certain level of financial support to offer your children, you may not want that to be jeopardized by your new marriage, and certainly not by an unforeseen divorce. If you own a business and would like to ensure your business interests will not be affected by divorce or death in the future, you may be interested in a prenuptial agreement as well. Finally, you can utilize one to ensure protection of specific assets, such as real estate or sentimental, valuable family property which you may not want to be affected by your new marriage.
Prenuptial Agreement Requirements
In Edina, Minnesota, prenuptial agreements are governed by many statutes. Because of this, it is important to understand what is necessary to ensure your prenuptial agreement will be legally binding.
- A prenuptial agreement must be completed prior to the date of your marriage for it to be considered.
- The agreement must be in writing (not a verbal agreement) and have two witnesses and be executed before a notary.
- If there is property involved in the agreement, the document may be recorded by the county office where that property is located.
- The agreement must not be completed through power of attorney (both parties must be directly involved).
- The parties must disclose fully not only all assets and earnings, but also debts that existed prior to the marriage.
- To enforce the agreement during a divorce, the courts must agree that the circumstances under which the agreement was initially executed have not changed drastically enough that the agreement would be unreasonable.
How to Ensure Valid Prenuptial Agreements
If you and your future spouse are interested in a prenuptial agreement and you want to make sure it is a valid legal document, it is vital that you contact an attorney to walk you through the process. They will ensure that the agreement stands up to the intense scrutiny of the court so you don’t come to find out it is inadmissible after it’s too late.
Edina, MN attorney, Beth Barbosa, has been practicing for over 20 years, so she intimately understands the strict requirements that must be met for a prenuptial agreement. Beth can tell you if there are any aspects of your desired agreement that will be unenforceable, so you won’t have an unpleasant surprise when it’s too late. She will advise you of any specific criteria you must meet and see your agreement through each step of the process.
If you’re looking for an experienced attorney to help you create a solid prenuptial agreement, contact Beth today.