A prenuptial agreement is a document made by a couple preceding their marriage. This contract protects the interests of each party and the assets that they each owned before getting married.
If you and your future spouse are considering drafting a prenup, it is a good idea to have an informed idea of the process before moving forward.
What you may include in a prenup
A prenup may include many topics a couple wants to address for their peace of mind. For example, in addition to considering the division of shared property and assets in the event of a divorce or death, you may stipulate whether either spouse receives alimony in the case of a death. In Delaware, the Uniform Prenuptial Agreement Act passed, which is beneficial for enforcing the agreement.
How to draft a valid prenup
There are prenuptial agreement forms that you may use to fill out your preferences; however, you may also draft one without utilizing a form. There are some requirements needed to draft a legally valid prenup, which includes the following:
- The couple need to share full disclosure of their assets and debts
- The couple must agree on the division of assets, in the event of a divorce
- The couple need to sign the document with a notary
After signing the prenup, the document goes into effect after the marriage.
How a prenup may become invalid
There are situations that may make a prenup invalid. For example, if one party did not voluntarily agree to the agreement or either party had unaccounted assets, then this may void the agreement.
How to modify a prenup
You may modify a prenup and have the division of assets adjusted if both parties agree to the new drafting of the agreement. However, this is a postnuptial agree, which judges may evaluate more critically than the initial prenup. If you do not revise specific agreements stated in the initial prenup they remain in effect.