Another potentially problematic area is the idea of having a joint lawyer to prepare and review the proposed marriage contract. To protect the interests of both parties, it is strongly recommended that each party have separate legal counsel. Given the particular circumstances of each individual, prenuptial arrangements are not standardized. Rather, they are tailored to the individual needs of the parties. Also, they are not necessarily made of iron unless they are properly structured. The reason for the inclusion of prenuptial agreements among those who require a letter seems to be the greatest risk that if marriage is part of the agreement, the parties will think about it or think less about it than would be the case with ordinary contracts. If you`re not sure if your existing prenuptial agreement is still enforceable, contact your Midwest family law attorney and ask for a thorough review, and provide your attorney with any documentation related to recent changes. If they feel that your prenuptial agreement is unenforceable for any reason, there are many steps you can take, including cancelling the contract entirely. Example: Donald and Ivana think about marriage. Ivana is a former model and skier from New York. She owns an apartment in Manhattan. Donald is an aspiring real estate tycoon and has already acquired several buildings.
Donald feels uncomfortable not having a written marriage contract. Despite his reluctance, Donald and Ivana agree on a verbal marriage contract in which they both fully disclose their current property. After their marriage, Ivana gave up her career to raise her three children. Fourteen years later, when they decide to divorce (Donald had an affair), the judge forbids their oral marriage contract, because for a marriage contract to be valid, it must be written and signed by both parties. Instead, after hearing all the evidence, the judge continues to dissolve his marriage and separate the property of the two parties in a fair manner, as required by state law. Example: Ted and Jane were thinking about marriage. Three months before her wedding date, Ted suggested preparing a prenuptial agreement. Ted consulted his long-time lawyer for help.
Jane trusted Ted completely, so she didn`t bother to seek independent advice. His proposed prenuptial agreement only gave him a lump sum compensation of $250,000 in the event of divorce. The deal fully revealed that Ted owned assets worth $1 billion. The fact that Jane was not looking for an independent lawyer is an insufficient argument to cancel the marriage contract if there was full disclosure and she was aware of Ted`s assets. In addition, some courts cannot apply the provisions of the prenuptial agreement that waive spousal support in cases where the receiving spouse has not understood that he or she approves of his or her ability to claim support. For example, if the beneficiary spouse signed the marriage contract without consulting a lawyer and did not understand that he or she would remain without spousal support in the event of divorce, a court cannot apply this provision. Many spouses enter into marriage with the certainty that they have protected themselves – and their financial situation – by a marriage contract. However, not all prenuptial agreements will go to court, so it is important that future spouses know what constitutes a valid prenup. The above requirements are by no means exhaustive. However, these are some of the most common points where the typical marriage contract can end in a court annulment.
Each marriage contract is a unique document adapted to the specific needs and desires of the spouses concerned. Therefore, it is best to play it safe and learn as much as possible about this family law topic before making a deal that you will learn to regret later. Section 3. Content. a) Parties to a prenuptial agreement may enter into contracts relating to: As stated in Simeone, the courts require full disclosure or full knowledge and understanding of the nature, value and scope of the potential spouse`s property. If the agreement grants a party a disproportionate amount of assets upon dissolution, the financially disadvantaged party is advised to contact a lawyer. In addition, the burden of proof of full disclosure of the assets in the event of death lies with the party asserting the validity of the contract. If you and your future spouse plan to enjoy the benefits that a prenuptial agreement could bring to your marriage, it is important to understand the concept of legal applicability. With this information in hand, you can be sure that your marriage contract will fulfill the intended purposes. Example: Thomas had verbally promised that if Catherine changed his plans to go to New York for a job as a nurse and give her baby up for adoption, he would treat the unborn child “as if it were his own.” Thomas even went so far as to write his name on the child`s birth certificate. .