Getting Finances In Order Through A Prenup
The last thing that couples preparing to be married want to be thinking about is the possibility of the marriage ending in divorce. Yet, for some couples, the financial situation of one or both makes it desirable to have a legally enforceable agreement that determines how certain matters will be handled if the marriage does in fact end in divorce. Whether you are entering into a second marriage, already have children prior to the marriage or are bringing substantial assets into the marriage, a Prenuptial Agreement can serve the purpose of trying to provide some financial certainty in the case of a future break-up and, in the process, make any such break-up less contentious.
Terms In A Prenuptial Agreement
A prenuptial agreement, also referred to as an antenuptial agreement, is executed prior to the marriage and provides for how certain financial matters will be handled in the case of divorce. Some of the issues that are addressed in a prenuptial agreement are:
- Duration and amount of alimony
- Division of property
- Allocation of debts
- Access to health insurance
- Providing for life insurance
Requirements For A Valid Prenuptial Agreement
Under current Massachusetts law, the terms of a prenup will be enforced as a contract if the agreement was fair and reasonable at the time of its execution (when signed) and is not unconscionable at the time of enforcement (at the time of divorce). It is also a requirement of a prenuptial agreement that both parties are afforded a reasonable period of time prior to the marriage to consider the terms of the agreement and that both have independent counsel to advise them. If the agreement does not meet these standards, all of the terms may not be enforced by a Probate and Family Court judge.
If you are seeking to enter into a prenuptial agreement or have been requested to sign one prior to getting married, you need to consult with an attorney experienced with the issues that need to be addressed in such an important document. Attorney Ira Yellin at the Law Offices of Ira C. Yellin, LLC, is experienced in all of the various issues that should be considered when either drafting or challenging a prenuptial agreement.
Contact Us For A Free Consultation
For more information or to schedule a free initial consultation with an experienced family law lawyer, please contact the Law Offices of Ira C. Yellin, LLC through our online contact form or by calling 508-528-8885.