A lot of couples are wary about bringing up the idea of a prenuptial agreement. But, when it comes to your finances, it is important to be fully prepared and protected. Life can be unpredictable and it is important to plan for all scenarios. Read on to learn more about prenuptial agreements and why full financial disclosure is so important.
What is a Prenuptial Agreement?
A prenuptial agreement is a legal document between two people who intend to get married. This document will declare how the couple’s assets will be divided in the event that the marriage ends. Many people shy away from prenuptial agreements because they believe it will start the marriage off on a bad foot. This is a common misconception. A prenup in no way indicates a future divorce or a lack of trust. Instead, it allows you and your spouse to protect your assets. Additionally, it can get some of the uncomfortable financial discussions out of the way early on.
What are the Requirements?
If you and your future-spouse are interested in creating a prenuptial agreement, you will need to meet the following requirements:
- Prenuptial agreements must always be in writing
- Prenuptial agreements must be executed before marriage
- Prenuptial agreements must include a full disclosure at the time of execution
- Prenuptial agreements must be notarized
- Prenuptial agreements must be fair and just for both you and your spouse
What is the Importance of Full Financial Disclosure?
Full financial disclosure is one of the 5 requirements of creating a prenuptial agreement. You may wonder why this is a necessity. Full financial disclosure is necessary so both spouses know exactly what kind of agreement they are entering into. There can be a lot at stake when it comes to your finances and assets, so it is important to be honest so things don’t go wrong later on. For example, if you fail to disclose an asset, your prenup may be considered invalid in a Massachusetts court. If your prenup is invalid, it will be thrown away. This will leave you in an incredibly vulnerable position. The assets that had been protected in the prenup may now be up for debate. You and your spouse may need to engage in an expensive and lengthy litigation process to determine the matters that would have been covered in your prenuptial agreement. Additionally, failing to disclose assets may even be seen as fraudulent activity and can lead to further legal trouble.
If you are interested in creating a prenuptial agreement, reach out to our firm today.
Contact our 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.