Prenuptial agreements can be created by spouses prior to getting married, helping them plan for the ownership of their assets and the responsibilities for their debts. Creating a prenuptial agreement can have several benefits for spouses during and after their marriage, but the agreement has to be enforceable for them to enjoy these benefits. A skilled St. Charles marital agreement attorney is crucial for drafting a valid and fair agreement.
Prenuptial agreements do not only affect divorce. They can also determine each spouse’s rights to property during their marriage. Spouses can also use these agreements to manage other aspects of their marriage, like inheritance rights of children and estate planning needs.
However, a large part of a prenuptial agreement has to do with divorce, how assets are divided, and other types of financial support during the proceedings. Understanding how prenuptial agreements can affect your divorce can help you understand whether one may benefit your marriage.
What Can Be Included in a Prenuptial Agreement?
A prenuptial agreement is made prior to marriage, while a postnuptial agreement is a marital agreement formed during the marriage. Both can cover the same property and financial rights, and each is customizable to the needs of the couple making them. Marital agreements can address some of the following:
- Property Rights and Division: The agreement can list each spouse’s abilities regarding buying, selling, exchanging, and transferring specific property. It can determine what assets and debts are considered separate and which are considered marital. These rights and responsibilities can provide clarity during a marriage and prevent a couple from being subject to state property division laws if they divorce. It can also cover those same issues if either spouse retires or dies.
- Spousal Support: Spouses can determine if spousal support will be awarded and when it could be modified.
- Inheritance Rights: When either spouse enters a marriage with children from a prior relationship, they often want to be sure that those children and any children they have with their spouse each have inheritance rights. A marital agreement can list the assets that these children can inherit.
- Estate Planning Documents: The marital agreement can state how estate planning tools can be used to enforce or support the arrangements made in the marital agreement.
- Jurisdiction: The agreement can list the state laws that govern it.
What Can’t Be Included in a Prenuptial Agreement?
Some items cannot be outlined in a marital agreement. These include decisions for children, such as a parenting plan, child custody arrangement, or child support determination. These determinations cannot be made in advance of a separation. Rather, they will be made at the time of a divorce and with consideration to the children’s interests.
If spousal support decisions are financially unfair to one spouse, the court will not support them. Marital agreements also cannot encourage divorce, have non-financial requirements that spouses must uphold, or include illegal terms.
Whenever there are unfair or unconscionable terms, the court may strike just those provisions, or it may void the entire agreement.
Prenuptial Agreements in Divorce
Marital agreements primarily affect the division of property in divorce. If a couple decides to get a divorce, their assets and debts are divided according to the terms listed in the prenuptial agreement. As long as the court believes that the terms are fair and enforces the agreement, the guidelines in the agreement will be applied to a divorce.
Prenuptial agreements may also list stipulations regarding spousal support or even have a spouse waive their right to support in rare cases. These must also be fair and conscionable in the court’s eyes to be enforced, but it can make these decisions easier if it is enforceable.
By having a prenuptial agreement, you will likely resolve your divorce more quickly. Rather than negotiating or litigating the division of property for months or even longer, you can divide the assets much more quickly. Valuation may still be needed, as well as other steps to ensure a fair division, but the process is still usually quicker. Spousal support decisions would be made for a couple, further shortening the process. If a couple does not have children, their entire divorce may be handled by a prenuptial agreement.
FAQs
Q: Will a Prenup Protect You in a Divorce?
A: A prenup can protect you in a divorce if it is done right. It can provide for your financial future and ensure that each party receives a fair portion of marital assets. A prenup can protect a spouse’s separate assets from a divorce or shield an individual from their spouse’s debt. However, it is crucial that a prenuptial agreement be created with legal representation. That helps protect both spouses from unfair terms or financial instability after a divorce. It also protects spouses from enduring a drawn-out divorce process.
Q: Does Missouri Recognize Prenuptial Agreements?
A: Yes, Missouri recognizes prenuptial agreements, and it will uphold them as long as they follow contract law and prenuptial agreement law. This includes meeting some of the following:
- The agreement was written and signed by both parties.
- Both parties consented to the agreement in good faith and provided full financial disclosure.
- The agreement is not unconscionable and does not harm the rights and financial needs of one party.
As long as a marital agreement follows these guidelines, it likely will be enforced.
Q: Is There a Correlation Between Prenups and Divorce?
A: It is a myth that getting a prenup means that your marriage is more likely to end. When a prenuptial agreement is done right, it prompts a straightforward and open discussion about finances and potential insecurities about one’s financial future or property responsibilities. This conversation can help spouses be honest and create solutions that protect each other’s financial future. This can cause spouses to feel more comfortable and certain in their marriage, creating strong trust, understanding, and respect between parties.
Q: Do Prenups Make Divorce Easier?
A: Yes, prenups can make divorce easier. A legally valid and well-made prenuptial agreement can make the process of dividing assets much more efficient, limiting the time and stress involved. If a couple does not have a marital agreement, they must reach an agreement outside of court at a time in their lives when emotions are very intense. If they cannot, then the division of their property falls to the court’s discretion. A prenuptial agreement can avoid this loss of control.
Planning Ahead and Protecting Your Rights
Prenuptial agreements can result in more stress than benefits without legal counsel. Even when both spouses are working to make an effective and fair agreement, mistakes can be made that cause financial harm. At Stange Law Firm, we can help you create a legally valid agreement while protecting your financial interests. Contact us today.
