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The potential pros and cons of a prenuptial agreement

| Sep 4, 2020 | Family Law

For some, a prenuptial agreement is a sign that a marriage might not be built to last. However, others believe that it is an effective tool for couples in Hawaii and elsewhere to resolve conflicts regarding money.

The potential benefits of such an agreement

A prenuptial agreement could stipulate that certain assets that you bring into the marriage are to go to your son or daughter after you pass. It can also be used to protect an inheritance or other gifts that you receive during the course of a marriage. Finally, it can ensure that you get to keep a home, car or other property that was acquired before the marriage began.

The potential drawbacks of a custom marriage contract

There is a chance that a prenuptial agreement won’t be enforced by a judge during divorce proceedings. In many states, they can be voided if there is evidence of fraud or evidence that either party failed to disclose all of their assets. An agreement may also be voided if you or your spouse can prove that it was signed under duress.

It is also important to consider that your spouse may see a prenuptial agreement as an attempt to plan the divorce before the wedding takes place. He or she may also feel that you have something to hide or aren’t truly committed to the relationship.

The use of premarital agreements may make it easier to protect assets in the event of a divorce. It may also allow you to settle a divorce in an amicable and timely fashion since the terms of the split have already been negotiated. An attorney may be able to review a prenuptial agreement before it goes into effect to determine if its terms can be enforced under state law.