Since many Millenials are children of divorce, when they get married themselves, they are willing to think outside the box if it means keeping their unions intact. So, it’s little wonder that these couples are increasingly entering into premarital agreements before they tie the knot.
Prenuptial agreements are much more than divorce insurance. Frequently, they make marriages stronger. Money is one of the leading sources of marital friction. And, prenups remove financial matters from the equation before these issues have a chance to create tension.
Most agreements between spouses, including premarital agreements, are enforceable. However, Minnesota lawmakers have not adopted the Uniform Marital and Premarital Agreements Act. So, prenups are only enforceable in rather limited circumstances. Therefore, only an experienced family law attorney in Buffalo, MN should handle these matters, whether you are trying to make or break a premarital agreement.
Making Premarital Agreements
Money is not just one of the most problematic issues during a marriage. It’s also one of the most problematic areas during a divorce. And, if the unthinkable happens, most Millennials do not want to pay the steep emotional and financial costs associated with divorce.
Prenuptial agreements clearly distinguish marital property from nonmarital property. So, if the parties divorce, family law attorneys in Buffalo, MN need not spend vast amounts of time classifying property. That’s assuming the prenuptial agreement is enforceable, as set forth below.
Premarital contracts usually also include spousal support limitations. These provisions give people additional peace of mind. If Wife has substantially more money than Husband, Wife and her family both know that Husband is not marrying Wife for her money.
Emotional issues might be a consideration as well, especially if either spouse has been married before and the union involves a small business. Frequently, Minnesota’s antiquated intestacy laws do not keep up with modern families. Prenuptial agreements clarify inheritance and succession matters. To make these decisions even clearer and easier to enforce, mand family law attorneys in Buffalo, MN also draw up executory documents, such as wills and estate plans.
Only a few matters are off-limits in this area, such as child custody and child support. These matters must be in the best interests of the children, as opposed to the best interests of the parents.
Buffalo, MN Family Law Attorneys and Breaking Premarital Agreements
No contract is absolutely ironclad. There is usually a way to undo almost any kind of contract, and premarital agreements are no exception. Prenups are only enforceable in Minnesota if:
- Recorded in Deed Records: Since they often affect real property, prenuptial agreements must be recorded in the deed records of Wright County, or wherever the prenup was signed. If the spouses move, the prenuptial agreement must move with them.
- Voluntary: There is almost always some pressure to sign a premarital agreement. Sometimes, there is excessive pressure, such as a “sign or else” ultimatum. These things are usually not enough to invalidate a premarital contract. But sometimes, the pressure gets too great, and the pact is involuntary.
- Full Disclosure: This bullet is related to the previous one. Agreements are involuntary if a spouse did not know what s/he was signing. The omission must be material to the issues in the contract. And, most judges also require challenging spouses to prove they could not have obtained the information elsewhere.
- Unconscionable: A 60-40 division is uneven but probably not unconscionable. A division like “I get all the assets and you get all the debts” is clearly unconscionable. Additionally, the agreement must have been unconscionable when it was made. Stock is a good example. These certificates could be incredibly valuable one day and worthless pieces of paper the next day.
- Separate Counsel Throughout: Each spouse must have an independent Buffalo, MN family law attorney throughout the entire process, and each spouse must have an equal opportunity to consult with counsel. Wife cannot spring the agreement on Husband at the least minute, even if Husband has a Buffalo, MN family law attorney.
Generally, the challenging party must prove the agreement was invalid by a preponderance of the evidence (more likely than not). That’s the lowest standard of evidence in Minnesota.
Furthermore, most premarital agreements have severability provisions. If a judge invalidates one part, the remainder is still in force.
Contact a Diligent Lawyer
Premarital agreements are not just divorce insurance. In many cases, they are anti-divorce insurance. For a free consultation with an experienced family law attorney in Buffalo, MN, contact Carlson & Jones, P.A. Convenient payment plans are available.