Although prenuptial agreements were not very common a few decades ago, they are used by a much wider cross-section of people these days. No longer just for celebrities or superstar athletes, the modern prenuptial agreement helps couples plan for the worst before committing to one another. For many couples considering getting married, especially those who already have substantial assets or good careers, prenuptial agreements offer legal protection from the chaos of divorce.
There are certain steps you have to take to ensure your prenuptial agreement will withstand any legal challenges. A valid prenuptial agreement in Kentucky should be in writing. Both spouses to-be should sign it, and, ideally, there are several witnesses present as well. Neither spouse should feel forced or coerced to sign the prenuptial agreement. So long as you both enter the agreement willingly, the courts will most likely uphold the agreement in the event of a divorce.
Prenuptial agreements may prevent future conflict
A prenuptial agreement can prevent a financially-motivated divorce in the future. In fact, in some cases, it could prevent a doomed marriage from ever taking place. If someone intends to marry into money and divorce after five or more years of marriage, a prenuptial agreement could stop any of it from happening. By limiting what assets get divided or setting specific amounts for spousal support, a prenuptial agreement could reduce the risk for ulterior motives in marriage or divorce.
More importantly, a prenuptial agreement also eliminates the possibility of a contentious divorce, as the exact terms of asset division and other aspects of the divorce are already on record. Instead of a protracted court battle over assets or child custody, you can reach a much faster and cost-effective resolution to the end of your marriage with a prenuptial agreement on record.
Prenuptial agreements are really just a form of risk management
While, on the surface, that may seem the opposite of romantic, in reality, it's a smart decision to ask your fiance to execute a prenuptial agreement. The process of creating a prenuptial agreement will help you both give voice to your expectations for the marriage and your future together. This lets know what your spouse needs from a marriage and sees to it that your needs get met.
In cases where one or both future spouses worry about problem behaviors, such as drug abuse, gambling or infidelity, the prenuptial agreement can include clauses that address these common marital issues. It is common to have a clause that addresses infidelity, often by applying a financial penalty to the unfaithful spouse. There may also be clauses that limit one spouse's liability for debts incurred by the other during marriage or assign pre-existing assets, like a retirement account to one spouse as separate property.