Kennedy Law Associates

Tips for creating a prenuptial agreement

Some North Carolina couples who are planning to get married might want to consider a prenuptial agreement. A prenup determines how a couple will divide their property in a divorce. Even if a couple is not planning to have one, they should have a conversation about their finances before the marriage. They may want to consult a legal or financial adviser to find out how they would be divided in case of a divorce. It is best if a prenup is created as early as possible. If it is done too close to the wedding, it could be challenged on the grounds that one person was pressured into signing it.

The prenup may address whether either person will pay alimony and what is considered shared or separate property. This might include income, family trusts, any anticipated inheritances and property owned with others. The prenup can include a provision that each person will keep finances confidential and not discuss them with friends and family.

A prenup may be particularly important if one person owns a business. The prenup can establish the value of the business at the time of the marriage. It may also specify what percentage of the business each spouse would own in case of a divorce and how the business will be valued. If they share the business, it may specify who will buy out the other.

There are other grounds on which a prenup might be challenged during a divorce. For example, if a person did not receive adequate legal counsel, it could be dismissed. This might also happen if the prenup addresses issues that are outside of its scope, such as anything dealing with child custody and support. If the prenup is thrown out or there is no prenup, a couple will either have to negotiate an agreement for property division or go to court.

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