Posted on: 14 January 2020
Prenuptial agreements were for the longest time only common among celebrities and the wealthy in society. However, today prenups are a tool that most people use before getting married. They help reduce dispute during a divorce, especially in matters of property division. Prenups are often pushed by individuals who have family assets and dynasties that would suffer in the event of a divorce.
Long gone are the days when prenuptial agreements were frowned upon as a sign of distrust in a partner. However, before as you draft one, here are the dos and don'ts to safeguard the interests of both parties.
Create a Fair Prenuptial Agreement
If you're the one drafting a prenup, ensure that the terms therein are fair for your partner. Prenups that shut out your partner entirely may not be ideal as they could lead to a lawsuit. For example, it would be unfair for your partner to get nothing after a divorce, even if they aren't capable of fending for themselves. As you safeguard your assets and family wealth, keep it fair. Ensure your prenup caters to the financial needs of your partner and children.
Don't Coerce Your Partner
No matter how badly you want your partner to sign a prenup, coercing them is not the right way to do it. Forcing someone to sign the agreement can prove detrimental in the long run. What's more, in the event of a divorce, they can also argue that they signed the document under duress, and such claims can invalidate it. Explain to your partner why you need to draft the agreement and how much it would mean to you if they signed it, but do not coerce them.
Get Independent Legal Advice
Before signing a prenup, both parties need to get legal advice from a qualified family attorney. As the creator of the document, your attorney will advise on how to best draft it with the interests of both parties in mind. They will also explain the consequences that come with prenups and how to navigate them.
On the other hand, your partner should receive legal advice on what it entirely means to sign a prenup. Their attorney can help them understand the importance of the document and why you felt the need to draft it. Letting their lawyer see the document before signing will also help them get objective advice on whether the terms are favourable.
Don't Hide Assets
It's normal to assume that failing to disclose certain assets is okay as long as your partner signs a prenup. However, this isn't true. If said assets are revealed in court during divorce, your actions may be viewed in bad faith. Disclosing all assets in the prenup creates transparency and puts you on the right side of the court during divorce proceedings.
Consider these dos and don'ts when drafting a prenup for your partner. Talk to a lawyer who provides family law services for professional input on how to create fair and favourable terms for your partner.Share