What are the Key Essentials for a Prenuptial Agreement?

Creating a solid prenuptial agreement requires careful planning and strict adherence to specific legal principles. In this article, the Philadelphia family law attorneys at the Law Offices of Lauren H. Kane will go over the key essentials that make for ironclad prenuptial agreements.

• Full financial disclosure – Transparency is the most essential ingredient to any effective prenup. Both parties are required to provide a complete and accurate account of their assets, debts, and income. The courts will be more inclined to uphold a prenup when there is clear evidence that both parties have accurately and honestly disclosed their financial situations. Inadequate disclosure and fraudulent disclosure can render the agreement unenforceable.

• Independent legal representation – It’s best practice for both parties to be represented by independent legal counsel. Independent legal representation helps verify that both spouses completely understand the terms and implications of the prenup. This promotes a balanced negotiation process and increases the agreement’s credibility in the eyes of the court, making it more effective.

• Voluntary agreement – Prenuptial agreements must be entered into voluntarily without any coercion, duress, or pressure that would nullify the agreement in the eyes of the court. If evidence suggests that one party was forced to sign the prenup or manipulated in some way to sign the agreement, the court may invalidate it completely. For that reason, it is crucial that both parties have a fair amount of time to review the terms and consult with their respective attorneys.

• Fair and reasonable terms – Enforceable prenups ought to be equitable at the time they are signed. Agreements that are overly one-sided, where only one party appears to benefit from the arrangement, can later be scrutinized by the courts. The prenup should reflect a balanced approach and maintain the interests of both parties.
• Timing your prenup – Timing is crucial when executing a prenuptial agreement. Courts have sometimes held that agreements signed too close to the wedding date might be the result of coercion or that one party did not have sufficient time to consider the agreement fully. We always advise our clients to negotiate the prenup well in advance of the wedding, because this allows each party to thoroughly review the agreement and understand the document.

The purpose of a prenup

A prenup is a contract signed between two parties that protects both parties by establishing clear terms for the division of assets, the division of debts, and spousal support (alimony). While many people believe that prenuptial agreements are only for the wealthy, they can be beneficial for anyone who wants to preserve personal or family assets, fairly divide their property, or guard against potential financial hurdles. A well-drafted prenuptial agreement offers peace of mind by reducing the likelihood of prolonged disputes in the event that divorce should occur.

Talk to a Philadelphia Family Law Attorney Today 

The Law Office of Lauren H. Kane represents the interests of Philadelphia residents who want to draft a prenuptial agreement prior to their marriage. Call our Philadelphia family lawyers today to schedule an appointment, and we can begin addressing your hopes and concerns right away.