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A Pre-Nuptial May Help Prevent Future Misunderstandings
A prenuptial agreement, also called a prenup. or an ante nuptial agreement, is a contract between two people contemplating marriage to each other. The standard prenup. focuses on how the couples’ assets will be distributed in the event of divorce.
Prenups. are commonly used where one party enters the marriage with significantly more assets than the other and wishes to retain those assets in the event of a divorce.
A prenup may also be helpful where one party expects a large sum of money in the future and the other party did not contribute to that expectation. For example, the party expects a substantial inheritance, or the party expects his hardwork to pay off when he finally publishes his best-selling novel.
Finally, a prenup. may help protect one party’s interest in the other party’s future revenue-generating potential. For example, the party who agrees to toil in an unrewarding job so that the other party may attend medical school may want to establish his claim to part of the value of the degree in a prenup.
To be valid, each party to the prenup. must: fully disclose all their assets before signing the prenup., be represented by independent legal counsel or knowingly waive their right to independent counsel, and not be under duress or undue influence. In addition, the prenup. must be fair.
To ensure the absence of undue influence, it is best to sign the prenup. long before the wedding, for example, before mailing the invitations. In addition, the tone and appearance of the prenup ought to be formal. It ought to be signed by two witnesses and notarized.