Couples getting married soon are wise to consider creating a prenuptial agreement in Fairfield. Investing in the process now can save time, money, and stress in the future.
A prenuptial agreement allows you to enter marriage with confidence that you and your fiancé are on the same page regarding finances. Our dedicated prenuptial agreements attorneys could work with you to draft an agreement or review an agreement another firm drafted.
A prenuptial agreement (prenup) is not valid unless each fiancé fully discloses their income, assets, and liabilities. To ensure there is no question about whether a fiancé fully consented to the agreement, this disclosure should happen sometime during the negotiation phase.
When one or both fiancés have substantial resources, compiling an accurate disclosure can be a substantial undertaking. The disclosure is a critical aspect of the process, so fiancés should seek help from their accountant or a financial professional when necessary.
It is also important for both fiancés to speak with a Fairfield attorney to ensure they understand how divorce courts divide property when there is no prenuptial agreement. Gifts, inheritances, and property one spouse owned before the marriage are all potentially subject to division in a divorce. A prenuptial agreement is the most effective mechanism for ensuring that each spouse can retain specified property if the marriage ends.
It is impossible to know the future, but a couple negotiating a prenuptial agreement should try to anticipate what the coming years might hold. For example, if the couple hopes to have children and expects one parent will interrupt their career to provide childcare, the couple could anticipate that spouse’s reduced future earning capacity and make allowances for it in the prenuptial agreement.
Prenups can result in a financial imbalance between spouses. A court may enforce a one-sided agreement if both parties freely consented to it and the less favored party received value in return for relinquishing their rights. However, if the prenup does not adequately account for the couple’s financial situation at the time of the divorce, it could be vulnerable to a challenge.
Connecticut General Statutes §46b-36g says that a judge cannot enforce a prenuptial agreement if it was unconscionable when it was made or at the time a party seeks to enforce it. An agreement that was fair at the time of signing can become unconscionable if the couple’s financial situation changes significantly during the marriage. In that situation, a Fairfield attorney may recommend replacing the prenup with a postnuptial or separation agreement to address property division in the event of divorce.
Couples should leave themselves plenty of time to negotiate and execute a prenuptial agreement. Beginning the process too close to the wedding date can make the agreement susceptible to a challenge if the marriage ends.
A court considers whether a spouse had sufficient time to retain independent legal counsel and review the proposed agreement thoroughly. If these steps take place just weeks before the wedding, the court may determine that one party felt pressured or coerced into signing the agreement to avoid canceling the ceremony.
Most couples should meet with a Fairfield attorney six to twelve months before the wedding to begin discussions about a prenuptial agreement. This timeframe allows for full financial disclosure, open negotiations, and any necessary revisions. When both parties have time to consult with counsel and understand the terms and implications, the agreement is more likely to be effective and enforceable.
Prenuptial agreements can help every couple enter their marriage with clear financial expectations. Although everyone hopes they will never have to enforce their prenup, the process of making it can strengthen a relationship.
Both fiancés need independent legal representation when negotiating a prenup. Contact us today about creating a prenuptial agreement in Fairfield to ensure your interests are protected, and the agreement complies with state law. Our experienced attorneys can guide you through the process with clarity and care, helping you build a strong financial foundation for your future together.
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