On behalf of Stange Law Firm, PC posted in Family Law on Thursday, December 19, 2019.
There is a pragmatic side of engagement that couples in Missouri need to be aware of if they want to save a lot of frustration and trouble later on. If couples do not discuss how they will handle financial matters, they fail to create an expectation as to what each individual should expect out of their financial partnership.
A prenuptial agreement is a legal contract that allows an engaged couple to come up with an arrangement that will be fair for both of them if they decide to divorce in the future. Prenuptial agreements typically lay out how assets and liabilities will be viewed, either as personal or marital property. They will include things like family trusts, inheritances and income earned from rental properties or businesses. These agreements can also include maintaining confidentiality of certain personal matters, like finances. This can protect an individual if they do not want an ex-spouse to share information with the public, family or friends.
It is especially important for business owners to consider prenuptial agreements before getting married. Not only could a future divorce negatively affect them, but it could negatively affect their business partners as well. Specific things need to be included in the agreement, like the value of the business at the time of the couple’s marriage and how much each partner would be entitled to if they divorced. Another thing that would likely be included is if one individual had the option to buy the other one out.
One thing that a court would look at during a divorce is when a prenuptial agreement was signed. If it was signed close to the wedding date, there could be the argument that it was signed under duress. A lawyer may help a couple early in their engagement to draw up a prenuptial agreement and answer questions they have regarding other family law matters.