Protecting Your Assets in the Event of Divorce
Prenups are more in demand as increasing numbers of women are taking part in the work force. In some instances, women’s job positions or businesses are more lucrative than their spouse’s. Their compensation, assets, investments and real estate have outpaced their counterparts in marriage. Consequently, many women have put planning in place to protect their assts in the event of divorce.
The Pew Research Center indicates 72% of millennial women are employed. In a study conducted by the American Academy or Matrimonial Lawyers (AAML), 45% of surveyed family law attorneys indicated increases in women paying alimony and child support. In addition, 62% of divorce lawyers had experienced a higher demand for premarital agreements.
What Should You Know About Prenuptial Agreements?
As with any legal endeavor, you want to avoid making common mistakes. You want your pre-marital agreement to be legally sound and stand up in court.
The following are common errors to avoid:
- Including provisions for child support or custody. Courts rule in the best interests of the child, and typically do not uphold such provisions solely because they are incorporated into a prenuptial agreement.
- Creating prenups under duress. Waiting until the last minute prior to marriage or coercing your spouse-to-be to sign a pre-nuptial agreement is not advisable. Courts that believe a prenup was signed under duress typically invalidate the agreement.
- Failure to disclose debts or assets. Because a premarital agreement is a contract, both parties should enter into it in good faith. Hiding assets or not disclosing debt violates the good faith aspect of a contract.
- Both parties not having their own attorney. The court is not likely to consider a premarital agreement legal unless both parties had their attorneys to review it and advise them.
Do You Have Questions About What to Include in a Premarital Agreement?
A family law attorney can answer your questions, address legal concerns and advise the best way to draft your agreement. Our lawyers at Pfister Family Law have decades of experience assisting clients on family law matters.