Research shows that prenuptial agreements, or “prenups,” are becoming increasingly popular – especially for the millennial generation. Many millennials are getting married later in life compared to their parents or grandparents. They may already own a home, a small business, or have other substantial assets by the time they tie the knot. They may also have accumulated significant debts, such as student loans. A prenuptial agreement is a great way for couples of any age to define and protect their financial rights in the event that their marriage ends in divorce. If you are considering creating a prenuptial agreement, it is essential to know the common mistakes that can make this important legal document invalid.
Financial Transparency Is a Requirement
A prenuptial agreement mainly deals with financial issues such as property or asset division and spousal maintenance (alimony). In order for a couple to come to a resolution about the details of their prenup, they must both fully disclose all of their assets, income, and debts. If a spouse lies about his or her finances, then the terms contained in the prenuptial agreement are based on misinformation. If the couple does end up filing for divorce, and it is determined that the prenuptial agreement was founded upon false financial information, the document may not be legally enforceable.
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