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If you and your soon-to-be spouse have agreed that you will develop and sign a prenuptial agreement, it is important to carefully think through the agreement before finalizing it. Below are a few of these considerations if you live in Minnesota:
- Attorney: It is not a requirement that both parties have an attorney to enter into a prenuptial agreement. However, it is highly encouraged that each party have an attorney so they are aware of their rights under Minnesota law. Work with a lawyer who is sufficiently experienced in Minnesota family law to develop your prenuptial agreement. This is important to ensure your rights are protected in the agreement.
- Disclosures: You must fully disclose your assets and debts when entering a prenuptial agreement. Get all the most up-to-date records for your various accounts and investments, and make copies of your tax returns, mortgage paperwork, loan documents and other financial statements.
- Classify property: You will need to figure out what is considered separate property you owned before marriage, along with what will remain separate property and what will be considered marital property.
- Waivers: Some people waive their right to alimony in a prenuptial agreement, but you should consider this decision carefully before agreeing to it. Even if you are in a good financial place now, you may not know what you can expect in the future. Also, keep in mind that you cannot legally waive paying or receiving child support.
- Beneficiary status: If you have been named to be a beneficiary to inherit money from a family member or friend, discuss with your attorney whether that issue needs to be disclosed in the prenuptial agreement.
For more information and guidance on creating a sound prenuptial agreement, work with a skilled Minnesota family law attorney at Appelhof, Pfeifer & Hart, P.A.
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