There are many important elements of a prenuptial agreement in Louisville. A prenuptial agreement is a positive reflection of the health of any relationship prior to marriage. Many substantially recognized cross-sectional (a specific point in time) studies and longitudinal studies (participants are observed over time) have shown that the ability of a couple to communicate openly and work through issues (especially areas of potential disagreement) is one of the best predictors of a good marriage.
The reason for a prenuptial agreement is to protect the existing work or property of one or both of the soon-to-be spouses. In some cases this may involve substantial debt (such as student loans) as well. The agreement may specify a number of things including but not limited to the separate ownership of intellectual property or a home which may be used by the couple, division of property and or support upon death or the end of a marriage and even such issues as beneficial rights to life insurance. A “sunset” clause may provide a timeframe after which the marriage has lasted long enough for the agreement to no longer apply.
A prenuptial agreement must be carefully crafted to meet all aspects of the Uniform Premarital Agreement Act (UPAA) here in Kentucky to ensure validation and enforcement. One of the important elements of a prenuptial agreement in Louisville includes a full and reasonable disclosure of all financial assets and debts by the party bringing the prenuptial agreement. This ensures the other party may review the information, understand the specific circumstances and sign the prenuptial agreement with what is considered to be “informed consent.”
A prenuptial agreement takes affect upon the event of the marriage. Therefore, even if the parties discuss, draft and execute a prenuptial agreement the terms of that agreement will not apply until wedding occurs. It also means the terms of the agreement may not be enforced if the wedding is called off.
Another of the important elements of a prenuptial agreement in Louisville is the absolute absence of undue influence, duress, misrepresentation or fraud. The party must clearly understand what they are signing and one cannot use intimidation, deception, threats or force to get this document signed. The signing party must be given at least seven days from the receipt of the document to seek independent legal review and counsel. A prenuptial agreement must be signed to be enforceable as most Family Courts in Kentucky will not enforce the “hearsay” of a verbal agreement.
Are you considering a prenuptial agreement or have you been asked by your intended to consider or sign one? We invite you to review the strong recommendations of our former clients and contact us or call 502-584-1108 to schedule an appointment with one of our experienced family law attorneys.
