What is a prenuptial agreement? It is a private agreement between two people before they get married.
Who should have a prenuptial agreement? You don’t have to be rich or famous to benefit from a prenuptial agreement. Many people who have experienced a divorce or dissolution get prenuptial agreements before remarrying. Adult children who witnessed their parents’ divorce may want to avoid a similar fight over assets. Additionally, people who have acquired assets or own a business before marriage or whose spouse-to-be has substantial debt get prenuptial agreements. That includes people that have waited until later in life to marry.
What is required for a prenuptial agreement to be valid? In order to ensure that your prenuptial agreement is valid and will be upheld by a court, there are a few requirements. First, each person must be represented by an attorney. Second, the agreement must be in writing. And, third, there must be a financial disclosure by each party concerning their respective income, property and debts. Fourth, the agreement should be signed as far in advance of the wedding as possible.
What does the premarital agreement do? The prenuptial agreement enables parties to selectively control how property will be divided upon the termination of the marriage or the death of either party. The agreement may also address the payment of spousal support from one party to the other. In other words, a prenuptial agreement manages both parties’ expectations about what may happen to their property if there is a divorce or a death.
Are prenuptial agreements legal in Ohio? Yes, the courts in Ohio will enforce prenuptial agreements to the extent the agreement is determined to be valid. Any spousal support addressed in the agreement may be reviewed by the court at the time of the marriage termination to determine whether the agreement is fair.
Can a prenuptial agreement address custody and child support? No, child related matters, such as custody and child support, cannot be included in a prenuptial agreement.
Call today and schedule a consultation to discuss your situation and whether a prenuptial agreement could be of benefit to you. Jeffrey D. Fish or Elaine S. Buck are Certified Specialists in Family Relations Law. They can provide the service and representation you need. We provide quality, personable, practical legal representation for clients.