Prenuptial
Agreements - Reasons Some Are Not Valid
Why
Marriages Don't Work Out | When
to Consider a Prenuptial Agreement
Reasons Some Prenuptial Agreements Are Not Valid | Talking
About the Prenuptial Agreement
Constitutional Restrictions on Devise of Homestead
Property | Waiver of Rights
in Retirement Plans
The Art of
Marriage
The purpose of a
prenuptial agreement is to have a legally binding and enforceable contract
setting forth the rules to be followed in the event of death or divorce.
There is no absolute guarantee that a particular prenuptial agreement
will be enforced. There are various rules that courts use to determine
if an agreement is valid and should be followed.
Agreements that
make a fair and reasonable provision for the spouse waiving certain
rights gained upon marriage are usually valid agreements. Agreements
that waive certain rights after full and frank disclosure of the assets
and debts of the other spouse or at least a general and approximate
knowledge of the spouse's net worth prior to signing of the agreement
are generally upheld.
A prenuptial agreement
may be invalid if reached under circumstances of fraud, coercion or
duress or for being unreasonable under the facts and circumstances.
However, you are free to make a bad bargain should you choose.
A general rule to
keep in mind is that if the judge feels one party took unfair advantage
of another, the agreement will not be upheld and will be useless.
The best way to
be sure your prenuptial agreement is valid is to:
-
Be sure there
is full and complete disclosure of all assets and debts and their
fair market value. Make sure you disclose all income you receive from
whatever source. The agreement may not be enforced if a court later
finds one of you was prejudiced by a lack of accurate and complete
information.
-
Although you
don't need an attorney to enter into a prenuptial agreement, it is
almost always a good idea for each of you to have independent legal
counsel during the drafting and signing of the prenuptial agreement.
Two attorneys working independently, but in cooperation, to create
a good agreement almost always do a better job than one attorney representing
just one side. It is unethical in Florida to have one attorney trying
to work for both sides in a prenuptial agreement. Two heads are often
better than one. Actually four heads: yours, your partner's, and the
two attorney's can do an even better job. Courts are often urged to
invalidate prenuptial agreements where one person was not represented
by independent counsel with the argument that he or she was taken
unfair advantage of, which would not have taken place if they had
their own attorney. Eliminate this argument. You should each have
your own independent legal counsel.
-
Be certain no
time pressure exists when the agreement is signed. An agreement may
not be valid if a court later decides it was signed under duress or
pressure a few hours or days before the wedding. We believe there
should probably be at least 30 days between the time you sign your
prenuptial agreement and the date you are married. Sometimes this
isn't possible, but signing a few days before the wedding increases
the possibility that an argument will be made that the agreement was
signed under pressure.
-
Be sure that
there is adequate compensation for any spouse waiving legal rights.
An agreement that is unconscionable in the opinion of the court will
not be upheld. Don't try to get something for nothing. Be reasonable.
Although there is
no way to guarantee that a court will uphold your prenuptial agreement,
these suggestions will increase the probability that your prenuptial
agreement will be effective and enforceable and do the job you created
it to do.