When deciding to get married, financial transparency with your prospective spouse should be a top priority. With the help of an experienced attorney in New Haven, you can minimize future stress and establish expectations for the management of finances through the drafting of a prenuptial agreement. The prenuptial contract can lay out certain provisions for the management and division of each party’s assets acquired before and during the marriage, including how assets would be divided and how income would be treated in the event of a divorce. There are important considerations when drafting a prenuptial agreement in New Haven, but a skilled attorney can help you through the process.
Prenuptial contracts act as a safeguard in the possible event of a dissolution by clarifying what property each party will be entitled to and what debts they will be responsible for in the event of a divorce, and whether spousal maintenance will be a factor in the proceeding. The prenuptial agreement will accomplish this through the designation of assets and income as either separate or marital property, including the appropriate waivers as to alimony and estate rights.
An individual who is concerned about being left without assets at the end of the divorce should consider entering into a prenuptial agreement with their future or current spouse to set in place expectations and requirements for the potential separation. These assets would then be divided in a legal separation based on whether they are separate or marital property. An attorney in New Haven can help establish the necessary terms to achieve an equitable and desired arrangement based on the parties’ circumstances.
Prenuptial agreements can only be formalized and enforced if the two parties are planning to get married within a reasonable time of signing. If there is no intention between the parties to get married when signing a prenuptial agreement, the fluctuation of both parties’ financial circumstances would defy the statutory requirement that there be a complete and accurate financial disclosure in conjunction with the execution of the contract, thereby undermining the enforceability of the prenuptial agreement.
Prenuptial agreements are also limited in setting forth provisions for child-rearing, custody, and child support, as these issues fall under the judge’s authority to make final orders as part of any divorce. While the two parties are free to draft provisions with respect to these issues, they are not necessarily going to be enforced by a court if it would be contrary to the judge’s assessment of what is in the best interest of the child.
A lawyer typically assists an individual seeking to enter into a prenuptial agreement with their prospective spouse by drafting the contractual terms to meet the anticipated and desired arrangement the couple has negotiated. Where one party’s attorney may be retained to complete the initial drafting, the other party’s attorney will be retained to review the drafted agreement to ensure the provisions are in the best interest of the other party and incorporate any necessary edits or additions.
A seasoned attorney can help their client understand the terms of the agreement, explain the agreement’s effect, counsel them as to their best interests, and ensure that both parties are fully informed about their rights and obligations while certifying the contract is enforceable under state law.
While the process of entering into a prenuptial agreement with your prospective spouse can feel awkward and sometimes overwhelming, an attorney can help streamline the process to help the parties achieve the desired financial transparency and security.
If you are considering entering into a prenuptial agreement, call a qualified attorney to discuss your expectations and options today.