What The Heck is a Prenuptial Agreement? Premarital Agreement Act, assets split up. Contract and protect assets

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What The Heck is a Prenuptial Agreement?

What The Heck is a Prenuptial Agreement? Its a different world in 2006. You can now enter into a contract before youre married, called a prenuptial agreement. They have been around for thousands of years but probably never so defined, as now. It clearly lays out the economic and personal expectations before the marriage even takes place, leaving no surprises later. If the marriage fails it explains how the assets will be split up.
The majority of the states have adopted the Uniform Premarital Agreement Act. For the states that havent you should look into the law of the state, to see whether or not a contract can be entered into between the partners. Both parties must both be a financial position to enter into a contract and of an age that is acceptable in the state they live.
Both partners must also reveal their assets with total honesty, so later, if things dont work out, the other party can not claim fraud which would make the contract invalid. If someone lies and it is proven the facts entered are not accurate or the extent of his or her property is not accurate the contract will be ruled void. There can be no pressure or duress in an attempt to get the upper hand. Both parties of the Prenuptial Agreement must have an opportunity to review the Prenuptial Contract and decide if the contract is fair and to enter into the contract of their own free will. Sometimes, prenuptial agreements are ruled void because the prenuptial agreement appeared right before the wedding and putting the person in a stressful position which is in violation of the law.
Both parties must be sign the prenuptial agreement, and they must each have their own Attorney. Besides protecting the assets of each party, there is also the concern of protecting children from a prior marriage. You want to be certain that assets that existed prior to the marriage remain separate so as not to create a dispute over inheritance between children from the other partner. You must be sure to protect yourself and your children, and above all take your time as haste makes waste.
Is it Possible for a Prenuptial Agreement to be challenged?
A Prenuptial Agreement, as any contract, can be attacked if the law has not been followed or one or both of the parties were dishonest concerning financial or personal information, or they did not reveal everything required. Sometimes it is very hard to prove the true assets as people in a strong financial position as they can create corporation where their name is not listed. You have to leave this up to your lawyer and if the relationship ends it will call for a more detailed search. The burden rests with the party seeking to establish that the agreement is unenforceable.

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