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FAQs about prenuptial agreements

On Behalf of | May 31, 2023 | Premarital Agreements

A prenuptial agreement, often called a prenup, is a legal agreement made between two individuals before they get married. It typically outlines how they will divide assets and debts in the event of a divorce.

In Kentucky, these agreements have become increasingly common, prompting many questions from engaged couples. It is important to clarify some frequently asked questions about prenuptial agreements to help people make informed decisions.

What is the purpose of a prenuptial agreement?

A prenuptial agreement primarily protects individual assets in the event of a divorce. It provides a clear outline of how to distribute assets, reducing potential conflicts. This agreement can also protect one party from becoming responsible for the other’s debt.

Who needs a prenuptial agreement in Kentucky?

People often think that prenuptial agreements are only for wealthy individuals, but that is not the case. Anyone who has assets they would like to protect, owns a business or has children from a previous relationship may consider a prenuptial agreement. It offers an added layer of financial security and clarity.

Are prenuptial agreements always enforceable?

Prenuptial agreements are legally enforceable in Kentucky, provided they meet certain conditions. Both parties must enter the agreement voluntarily, and the agreement must be fair and reasonable. It cannot promote divorce or contain provisions about child custody or child support.

Can you modify a prenuptial agreement?

Yes, couples can modify a prenuptial agreement after the marriage. Any modifications must be in writing and both parties need to agree to the changes.

What should you consider before signing a prenuptial agreement?

Before signing a prenuptial agreement, individuals should consider their financial status, including assets, liabilities and future earnings. It is also important to discuss each person’s financial expectations and obligations during the marriage. This agreement should reflect the financial understanding and objectives of both parties. Transparency and honesty are key when drafting a prenuptial agreement to prevent potential issues in the future. By considering these factors, couples can create an agreement that promotes financial harmony and protects their individual interests.

Prenuptial agreements are complex legal documents that require careful consideration and understanding. Despite the numerous benefits they offer, such agreements can also be a source of tension and misunderstanding. Therefore, couples should make sure they understand all aspects of a prenuptial agreement before signing one. With the right knowledge and understanding, a prenuptial agreement can provide security and peace of mind for both parties involved.