Prenuptial Agreement Attorney in Shakopee, Minnesota Including Scott County, Carver County and Dakota County
A Prenuptial Agreement is a legally binding agreement signed before marriage that dictates how assets are to be distributed in the event of a dissolution of your marriage. A prenuptial (or “prenup” as it’s often called) can make the process of an eventual divorce much easier, and less costly. Mr. Peterson is an experienced Minnesota prenuptial agreement attorney that can help you draft an effective agreement of this kind.
When to Get a Prenuptial Agreement
Often, people enter into prenuptial agreements if there is a great disparity in income among the parties, or when one person has an ownership interest in a preexisting, or family-owned, business or farm. Prenuptials are also common in second marriages, when the people getting married are older, and have children or grandchildren whom they want to make sure are financially protected.
The Enforceability of a Prenuptial Agreement
To remain enforceable, a prenuptial agreement should contain a full and fair disclosure of the earnings and property of each party, each side must have the opportunity to consult with a lawyer, the agreement must be in writing, and there must be a statement of the assets and income of the parties.
Prenuptial agreements will be enforced by a court, unless the agreement is found to be fundamentally unfair at the time of a divorce. The prenup may not be enforced if the circumstances under which the agreement was based have changed so substantially that enforcement of the agreement would not be consistent with the expectations of the parties when the contract was executed.
Even if you and your spouse are married, you can create an agreement that will dictate what happens in the event that your marriage ends prematurely. Postnuptial (after marriage) agreements are similar to prenuptial (before marriage) agreements, but have some additional procedural requirements in order to remain enforceable.