When two people are in love and desire to be married, those who go see their lawyer will know that a premarital agreement, which is colloquially referred to as a prenup agreement, is a smart way to go. Although some criticize it as being unromantic, the opposite can be true. A premarital agreement allows both parties to show how much they love each other by ensuring that the other person is happy and well-protected in the marriage. It can also help the wealthier person in the relationship feel less vulnerable and more assured of the other person's love. Whatever your reason may be for pursuing a prenuptial agreement, don't make these mistakes when agreeing to one with your future spouse.
Mistake #1: Not Ensuring that the Premarital Agreement Is Properly Executed
When your eyes are all aglow about your future marriage, it can be easy to forget to cross your t's and dot your i's. However, a lack of care in ensuring that the premarital agreement is properly executed can result in the entire thing being determined invalid. Be sure to hire a lawyer to draw up the agreement, engage with both parties, and ensure that it is signed by both future spouses. The lawyer will also ensure that it is legally binding and properly executed.
Mistake #2: Supplying False Information on the Agreement
When it comes to your romantic relationship and the prenuptial agreement, honesty is the key to its success. If it comes out that you lied and provided false information on the premarital agreement, the entire thing can be thrown out as invalid. There must be full disclosure from both parties for the premarital agreement to be valid. You must disclose all assets, liabilities, and streams of income.
Mistake #3: Failing to Use Your Own Separate Attorney
Although you and your spouse may feel better if you both use the same attorney, that is not wise. In fact, that can be a reason that your prenuptial agreement is invalid. Having independent counsel is so important because you need to have a lawyer who is fully devoted to safeguarding your best interests with no motivation to consider the best interests of the other party.
Finally, keep in mind that a lawyer can help guide you through the entire process of drafting the premarital agreement, deciding on the terms of the agreement, and ensuring that it is legally binding. They can help you avoid these and other common mistakes. Knowing you did all the right moves to ensure that you are both protected can feel great. Also, that can give both you and your future spouse peace of mind as you march towards your wedding day. Contact a firm like Fitzpatrick, Skemp & Associates LLC to learn more.