At times, it may be necessary to reach a prenuptial agreement prior to getting married.
A prenuptial agreement is a document which clearly labels the property and/or money that each person is bringing into a marriage.
For example, a wife-to-be may own a home which is titled in her name alone. Additionally, the husband-to-be may have a car that is titled in his name alone. Both parties may wish to state which party has the legal ownership to each piece of property prior to marriage.
A legally binding contract
A prenuptial agreement is a legally binding contract which clearly sets out the ownership of non-marital property.
In the example above, the wife would list the house as her separate, legal property and the husband would list the car as his separate, legal property.
A prenuptial contract is drafted by a lawyer and the husband and wife sign the contract.
If a divorce or separation occurs, the husband and wife are bound by their agreement and the property is not available for division by the court.
Prenuptial agreements can arise in a variety of situations. Talking with a Minnesota prenuptial agreement lawyer is a good place to start.
The need for prenuptial agreement often arises in second marriages when older, previously married persons remarry.
These people may want to ensure that children from a prior marriage are still entitled to receive their inheritance even if the person remarries.
In this case, the prenuptial agreement is a great vehicle for easily deciding who gets what upon death or divorce.
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