Advanced Planning for Marital Asset Protection
Most people have heard of a prenuptial agreement, but may not understand how they work and whether they need one before entering marriage. Prenuptial agreements (sometimes called antenuptial agreements) are a contractual arrangement between two parties entered into before their marriage. Usually the prenuptial agreement will provide for advanced arrangements of the division of property presumably to avoid disputes in the event of a divorce.
If you are considering entering into a prenuptial agreement, both parties need to engage independent representation and be advised of their rights upon divorce as otherwise provided under the law.
At the Law Offices of Richard D. Goff, our firm has experience in drafting, modifying, and reviewing pre/postnuptial agreements on behalf of our clients. We are also prepared to handle disputes upon divorce as to the fairness and validity of matters such as where a significant change of circumstance has occurred since the time of the parties' agreement.
Things you should know about prenuptial/postnuptial agreements:
- Prenuptial agreements are useful for couples having significant assets or those who want to clearly define the property division and support arrangements in the event of divorce.
- Agreements must be procedurally and substantively fair at the time of execution and at the time of marriage dissolution.
- Agreements also have specific time limits and language requirements to ensure that they were entered into without duress. You must have witnesses to ensure that both parties were informed of their rights.
A post-nuptial has the same issues, but is rare and is entered into after the marriage has taken place. Our Minnesota family lawyer has drafted, modified and challenged both pre- and post-nuptial agreements and can effectively protect your rights and interests.
Reasons to Enter a Prenuptial Agreement/Postnuptial Agreement
A prenuptial/postnuptial agreement should help you to protect your nonmarital assets (those acquired before marriage) as well as insulate your exposure to future obligations such as spousal support or maintenance. On the other hand, a party may wish to incorporate language to ensure that maintenance will be paid in the event of a divorce.
A prenuptial agreement is intended to circumvent expensive litigation and to reduce the number of issues in a dispute in the event of a future divorce. Unless the agreement is carefully drafted and considered, the result can prove quite contrary.
Your rights could be at stake, so it is important to consult with an experienced attorney before entering into a pre/post-nuptial agreement. Call our office in Minneapolis, Minnesota, at 877-617-8564 | 651-728-7027 or contact us by e-mail to arrange an initial consultation with our attorney. We serve clients throughout the Twin Cities metro area.
