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Are You Soon To Be Wed?
Congratulations on your special day! While planning the perfect venue, the best dinner, and choosing your colors, one thing you may not be thinking about is prenuptial agreements.
Some people think prenuptial agreements are a bad thing. They have the mindset of “why do you need a legal agreement if you trust your spouse?” In a perfect world, they would be exactly right. But in the world we live in, prenuptial agreements ensure that the motivation for getting married is love, not assets or wealth.
Let us explain what a prenuptial agreement is, what it does and does not protect, and how it may be beneficial to your marriage.
What Is a Prenuptial Agreement?
A prenuptial agreement, often shortened to just “prenup,” is a legally binding contract entered into by two people before they get married. It outlines how assets, debts, and financial responsibilities will be handled during the marriage and in the event of a divorce or death.
A prenuptial agreement is particularly useful for high-value individuals with significant assets. Beyond assets, prenuptial agreements are great for individuals who own a business, may receive a considerable inheritance, or want to help avoid lengthy disputes in the case of divorce. These agreements specifically protect separate property and define spousal support expectations, and can even assign responsibility for debts.
To be enforceable in Missouri, a prenuptial agreement must be:
- Voluntarily signed by both parties
- Made with full and fair disclosure of each person’s assets
- Not grossly unfair or one-sided
Our goal is to help you and your future spouse draft and review a prenuptial agreement that is clear, enforceable, and customized to cater to your unique circumstances. With our help, your well-structured prenup can bring you peace of mind and help minimize financial uncertainty.
Schedule a free consultation with a Barnds Law LLC family lawyer by calling 913-514-0909.
What Can a Prenuptial Agreement Protect?
When drafting a prenuptial agreement, you will define what belongs to each spouse before the marriage and how that property will be treated if the relationship ends. While every couple’s situation is different, a properly drafted prenup can provide clear protection for a wide range of financial interests.
Premarital Property
A prenup can explicitly state which assets belong to each spouse before entering the marriage and ensure that those assets remain separate property. This can include:
- Real estate
- Vehicles
- Savings accounts
- Personal valuables acquired before the wedding
Without this clarification, Missouri courts may assume these assets are subject to division in the case of a divorce.
Business Interests
If you or your future spouse owns a business, a prenuptial agreement can shield that business from being divided or devalued during divorce proceedings. Your prenup will clarify ownership, protect future growth, and prevent a forced sale or unwanted involvement from your spouse in the case of divorce.
Debts
Prenups can protect each spouse from the other’s debts. If one person enters the marriage with student loans, credit card debts, or other liabilities, a prenup can ensure the other spouse isn’t held financially responsible for those debts during or after the marriage.
Future Inheritance
If one spouse is set to inherit family wealth or property, a prenup can preserve that spouse’s ownership of those assets. It can also protect an intended inheritance for children from a previous marriage, ensuring they are not diluted or lost through divorce.
Spousal Support
Also known as alimony. You and your fiancé can include terms that limit or waive future spousal support. However, Missouri courts will not enforce unconscionable agreements.
Retirement Accounts and Investments
You can specify how 401(k)s, IRAs, and brokerage accounts will be treated in your prenuptial agreement. This is useful when one spouse has spent years contributing to their retirement funds while the other has not.
Not Protected
While a prenup is a valuable tool, there are certain things your prenup can’t protect or cover. They usually include:
- Child custody and child support arrangements
- Inconscionable or grossly unfair terms
- Provisions that encourage divorce, like a cash payout in the event of divorce
- Non-financial personal matters
- Waiving rights without informed consent
Can a Prenuptial Agreement Be Challenged or Invalidated?
Absolutely! A prenup agreement can be challenged in court, and in some cases, invalidated entirely by a judge. Common reasons may include fraud, such as hiding assets or failing to disclose finances. Claims of coercion or duress where one partner was pressured into signing can also lead to an agreement being invalidated. If one spouse did not fully understand their rights and lacked legal representation, a judge may consider the agreement to be unfair.
To reduce the risk of a challenge, both parties should have their own attorneys help them understand and revise the agreement, and the prenup should be signed well before the wedding.
Can a Prenup Be Drafted After Marriage?
No, but there is a similar agreement called a postnuptial agreement, which can be entered into after marriage. These agreements serve the same purpose as prenuptial agreements and are especially useful when circumstances change after the wedding.
When Should You Speak With a Family Lawyer?
While you want to take time to celebrate your engagement, a prenuptial agreement should be drafted and signed well before you say “I do.”
The family law attorneys of Barnds Law LLC are here to help you and your fiancé create a legal foundation on which you can confidently build your relationship.
To get started, call 913-514-0909 to schedule a free consultation. As our client, we will ensure your assets are protected and your marriage is built on love and trust!
