Prenuptial Agreement
A prenuptial agreement is a contract entered into before marriage. It is usually created to resolve issues of support and property division if the marriage ends in divorce or by death of one of the spouses. Prenuptial agreements are sometimes referred to as antenuptial agreements or “prenups.”
Such a contract can offer many benefits and protections. The property you bring into a marriage remains yours (i.e. Father’s stamp collection, Mother’s beach house). Debts (student loans, business loans) are kept separate. In the event of a divorce, the contract acts as a property settlement agreement or a support agreement. It can also include special situations that acknowledge a right of compensation for otherwise hard-to-value circumstances.
If the prenuptial agreement is deemed as unconscionable or seen as greatly favoring one party over the other, a court may render it void in part or in whole. If you or your spouse failed to disclose assets, underestimated assets, or failed to explain the nature or value of the assets, it is possible that your prenuptial agreement will be void in part or in whole.
In order to prove that a prenuptial agreement should be void for a failure to disclose assets, you will have to prove:
- A confidential relationship existed between you and your partner,
- The relationship gave rise to a duty to fully and fairly disclose each of your assets, and
- One of you breached the duty to disclose.
A breach of a prenuptial agreement does not render the entire contract void if there has been partial performance of other covenants and the breach does not render the entire contract illusory.
If you need an attorney with knowledge and experience in drafting and/or litigating Prenuptial Agreements, contact us today for your free consultation.