Many people have an idea that premarital agreements only govern how a couple will divide their property in a divorce. In fact, these agreements can set expectations and provide guidelines for the way the couple conducts their financial life after marriage.
If you are wondering what is included in Fairfield prenuptial agreements, speak with one of our experienced attorneys about creating a prenuptial agreement. We will get familiar with your situation and concerns, and draft an agreement that meets your needs.
When a couple divorces, and they have no prenuptial agreement (prenup), all the property that either spouse owns at the time they decide to separate is potentially subject to division. The state’s divorce laws do not distinguish between separate property and marital property.
When a couple wishes to segregate specific property as separate property, they must make a written prenuptial agreement to that effect. Connecticut General Statutes §46b-36d also allows couples to include provisions concerning the right to acquire or transfer property and debt. A prenuptial agreement provides an opportunity for couples to have candid discussions about financial management issues and establish rules for how they will handle their finances as a couple.
The law allows couples to include provisions regarding participation in each other’s retirement plans, whether they will be beneficiaries on each other‘s life insurance policies, and whether they will name each other in their wills. A Fairfield attorney can help a couple work through these various issues and decide whether to include them in their prenup.
Sometimes, a couple includes a provision in their prenuptial agreement that waives alimony or sets the amount and duration of spousal support. Courts may enforce these provisions, but judges retain discretion to review them. If one spouse needs public assistance and the other has the means to pay support, a judge may modify or eliminate the alimony provision while upholding the rest of the agreement.
State law renders a prenuptial agreement unenforceable if it is unconscionable at the time of execution or enforcement. Both spouses must understand what unconscionability means and how it applies.
Prenuptial agreements are often one-sided, favoring the spouse who enters the marriage with more assets. Inequality does not make a prenuptial agreement unconscionable if the less favored spouse receives value for their consent to give up some of their property rights. That value, otherwise known as contractual consideration, in prenups is considered to be the marriage itself.
Sometimes, a prenuptial agreement that is fair when it is made becomes untenable when a spouse attempts to enforce it due to changes in the couple’s finances or personal circumstances during the marriage. A couple anticipating a divorce should ask a Fairfield attorney to review their prenup. If it might be vulnerable to challenge on unconscionability grounds, the couple could consider replacing it with a postnuptial or separation agreement that allows a more equitable division.
Couples sometimes include provisions regarding child custody and child support in a prenuptial agreement. Doing so will not invalidate the prenup, but a judge will not enforce provisions relating to children.
All decisions regarding child custody, parenting time, and child support must be guided by the children’s best interests at the time of divorce. Children’s needs change rapidly as they grow, so the law does not permit parents to make these decisions in advance. Instead, they can work with a mediator or through their Fairfield divorce attorneys to develop a co-parenting plan that addresses physical and legal custody and child support issues.
If you are preparing for marriage, it is important to understand what is included in Fairfield prenuptial agreements and how those terms can shape your financial future. From outlining property rights to clarifying spousal support and debt responsibilities, a well-crafted prenup can provide clarity and peace of mind for both parties.
Work with an experienced Fairfield attorney to create a customized agreement tailored to your specific needs. We will help you explore your options and ensure your prenup addresses the issues that matter most to you. Contact us today to get started.
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