Divorces can have major financial implications, especially if you own expensive property or large sums of money. It is always a good idea to protect yourself and sign a prenuptial agreement. Some couples believe signing a prenuptial agreement means they are preparing to break up even before getting married. But in reality it is a great way to stay safe and makes sure you do not lose your assets after divorce. Although prenuptial agreements are strong and hold up in court, there might be some circumstances in which they can be nullified.
Before signing the agreement, it is advisable to make sure the contract will hold up in court. There might be several mistakes made while drafting the agreement, which could lead to the judge deeming it void should it ever be required.
Using the same attorney is one of the major mistakes made while drafting a prenuptial agreement. One attorney cannot protect the interests of two different clients, and there is a clear conflict of interest. Signing the agreement out of love, only to make your spouse happy could also make the agreement invalid in court.
All financial information provided in the agreement must be accurate. Hiding parts of your financial assets could lead to the agreement being invalidated if the truth comes out later during the marriage or divorce proceedings. Some states have made it a requirement to videotape the signing of prenuptial agreements. The video tapes can later be looked at to predict whether a spouse or their family was pressurized into signing the agreement.
If you and your spouse are thinking of drafting a prenuptial agreement, you might want to consider hiring an experienced family attorney. The attorney will make sure your financial assets are protected while addressing any loopholes in the agreement.