All marriages have a legal conclusion, whether it is by separation, divorce, or death.
Prenuptial agreements come into play at this point. Parties bring out the prenup in the event that something goes wrong and the marriage ends. As long as the prenuptial agreement is legal, it facilitates the property partition process as much as feasible. You can get more help at Karp & Iancu, S.C.
What Is a Prenuptial Agreement?
A prenuptial agreement, often known as a prenup, specifies how the couple would split their assets in the event of a divorce. Prenuptial agreements may encompass everything, from real estate to jewelry to retirement funds.
Due to Wisconsin’s marital property laws, most of a couple’s assets are divided equally. The 50/50 rule can be broken by using a prenuptial agreement.
Who Should Sign a Prenuptial Contract?
A prenuptial agreement is crucial in situations when one or more of the following applies, making it ideal for anybody wishing to make financial plans for the future:
- There are substantial premarital assets owned by either one or both partners.
- A business, particularly a family firm, is owned by one or both spouses.
- One or both partners have or intend to have a substantial debt.
- Both partners may be getting remarried.
- Children from a previous relationship may belong to one or both spouses.
What May Be in a Prenuptial Agreement?
Generally, a prenuptial agreement can include anything relating to either party’s property. The finances of the couple are described in a prenup:
- a will, trust, or other mechanism to carry out the prenuptial agreement;
- each spouse’s rights and duties with regard to property acquired before or during the marriage;
- the administration and control of their property
Child Support a3nd Custody in Prenuptial Agreements
The court will not enforce the prenuptial agreement’s child support and custody provisions. Parents’ conclusions are acceptable; nonetheless, they will be legally irrelevant.
The Prenuptial Agreement Procedure
Before the marriage, a prenuptial agreement must be written. Both parties must be aware that they are getting married and have chosen a date for the ceremony.
Does a Lawyer Have to Write a Prenuptial Agreement?
The prenuptial agreement does not need to be written by a lawyer or attorney. However, the prenuptial agreement will not hold up as well in court if neither party seeks legal advice before signing it.
Causes to Disputate or Void a Prenup
If evidence exists that any of the following occurred, the court will not enforce the prenuptial agreement:
- The prenuptial agreement was not freely signed.
- A spouse did not reveal all of their resources or debts.
- The prenuptial agreement was illogical or unjust when it was signed.