Kentucky residents get married for love, but that does not mean that a certain business element does not exist. A marriage is a legal partnership of sorts, and as such, it may be a good idea to put a contract into place. This contract, or prenuptial agreement, could make property division easier in the event of a divorce.
Prenuptial agreements may not be romantic, but they serve an important purpose for those who have them. They provide peace of mind, among other things. However, in order to stand up to the scrutiny of a Kentucky court, a prenup needs to be drafted and executed correctly.
First, timing is essential. Even as a couple celebrates their engagement, a conversation needs to take place if either or both parties want a prenup. If the agreement comes too close to the wedding, either party could argue that it was signed under duress, which could lead a court to invalidate the agreement.
Another issue that could invalidate the agreement is failing to fully disclose all assets and liabilities truthfully. Attempting to hide assets could end up causing more problems in the event of a divorce. When the assets are discovered, the party attempting to hide them could end up losing more than just the hidden assets.
In addition to paying attention to issues such as timing and full disclosure, the parties also need to ensure that the prenuptial agreement is properly drafted. Errors could be cause for ruling all or part of the agreement invalid, which in turn means that each of you must start from scratch when it comes to property division. For this and other reasons, it is recommended that each party discuss the agreement with an attorney before executing it.
Source: CNBC, “Here’s how to bulletproof your prenuptial agreement“, Scott Cohn, March 9, 2018