If you are getting divorced, you may be worried about protecting your assets. Read on to learn more about the dos and dont’s of protecting your assets during a Massachusetts divorce.
A divorce requires full financial disclosure. In some divorces, experts such as forensic accountants may get involved. If any discrepancies in your finances are found, they will have to be reported to the IRS, which can land you in serious legal trouble. Hiding assets is never a good idea.
What is a prenuptial agreement?
One of the best ways to protect your assets during a divorce is with a prenuptial agreement. A prenuptial agreement is a document that declares how your and your future spouse’s assets will be divided in the event that the marriage ends due to separation, divorce, or death. Because of the negative connotations, many couples avoid creating prenuptial agreements. But, in reality, a prenup in no way indicates a lack of trust or an unstable relationship. Rather, it allows both you and your partner to feel safe and secure as you enter this new chapter of your lives together.
If you and your partner did not create a prenup and later change your minds, you can create a postnuptial agreement. This is the same type of document, but it is created after the wedding, rather than before.
What makes a prenup valid in Massachusetts?
A prenuptial is an important legal document. As a result, it needs to meet certain requirements in order to hold up in court. To be considered valid, a prenup must meet the following:
- All prenuptial agreements must be in writing.
- They must be written and executed before marriage.
- They must include full disclosure of both spouses’ assets.
- They will have to be notarized–must like many other legal documents.
- They will have to be fair and just to both spouses
- There must be no evidence of coercion or deceit
If you have any questions or concerns about prenuptial agreements or other ways to protect your assets, reach out to our firm today. We are here to advocate for you every step of the way.
Contact our experienced Bristol County firm
For over 30 years, The Law Offices of Cynthia L. Hanley, P.C. has provided quality legal support and representation for clients in Bristol County and all of Massachusetts. Our firm’s experience eases the stress of clients while providing the legal services they deserve. If you need help through a contested divorce, contact The Law Offices of Cynthia L. Hanley, P.C. for a consultation today.