What to Know About Full Financial Disclosure
With around 50% of marriages ending in divorce, prenuptial agreements are becoming more and more necessary. A prenup is a legal document that details how a couple’s assets will be split in the event of a death or divorce. Many couples shy away from prenuptial agreements because divorce is not a topic many like to consider when starting their lives together. A prenup does not mean that you and your future spouse will get a divorce down the line, it simply means you are protecting yourselves and considering all possible scenarios. Read on to learn more about prenuptial agreements and why full financial disclosure is so important.
What Does a Prenuptial Agreement Do?
Some people believe that a prenuptial agreement is only created in cases when one spouse has far more assets than the other. This is not the case. Everyone has assets that are important to them, regardless of net worth or discrepancy between a couple’s assets. A prenuptial agreement can help you protect assets such as inheritance, real estate, and personal belongings, among others.
What Makes a Prenuptial Agreement Valid?
If you wish to create a prenuptial agreement, your prenup will need to meet the following requirements:
- It must be in writing
- It must be fair and just for both parties
- It must include full disclosure of each spouse’s financial situation
- It must be executed before marriage
- It must be notarized
Full Financial Disclosure
To ensure that both spouses know exactly what they are agreeing to, full financial disclosure is necessary. This is important for a variety of reasons. If you fail to disclose all of your assets, there can be serious consequences down the line. For example, a prenuptial agreement can often shorten, or entirely prevent litigation. Litigation can be a long, expensive, and draining process. If you fail to fully disclose your finances, your prenup may be found invalid and thrown out in the case of a divorce. This means you and your spouse may have to take part in litigation to resolve the matters that had been resolved in your prenup. Additionally, not disclosing all of your assets may be seen as fraudulent and can lead to further legal issues.
If you are interested in creating a prenuptial agreement, reach out to our firm today.
Contact our Firm
The Law Office of Peter L. Jameson, PLLC understands the harsh implications of relocation can have on a child and his or her parents. When you have a contested relocation matter, it is important to have an experienced attorney to represent you in court. If you are faced with a relocation matter in Rockland County, contact The Law Office of Peter L. Jameson, PLLC today to schedule a consultation.