Prenuptial agreements often have negative connotations, but this legal document is a powerful tool to help you and your spouse protect yourselves financially.
A prenup is not a plan to fail. Instead, it is an outline to keep your affairs in order. Thorough prenuptial agreements have several key elements.
Asset division plans
Because Kentucky is an equitable distribution state, a court will determine a fair distribution of marital property if you and your spouse cannot settle the terms of your divorce and do not have a prenuptial agreement. A prenup, however, allows you and your spouse to avoid the chaos of asset division by outlining the terms ahead of time. A prenup can also designate separate property.
Spousal support arrangements
An adequate prenup makes arrangements for spousal support after a divorce. It may also include limitations to or waiving of spousal support entitlement.
Full disclosure of assets
A prenup may be invalid if you or your spouse do not include all your assets or misvalue them in the agreement. Examples include interest in trusts, businesses and inheritances.
Discourse with knowledgeable counsel
Consulting with knowledgeable legal counsel to draft the prenuptial agreement and beyond is crucial, especially when you acquire additional property. An attorney can help you avoid property classification issues when obtaining new assets.
A thoroughly crafted prenuptial agreement allows you and your spouse to get your marriage started on the right foot and protects your interests if the marriage does not work out as intended. An experienced attorney will help you cover these key elements and more.