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About prenuptial agreements

Couples in Minnesota who are planning to get married should seriously consider completing a prenuptial agreement. A prenuptial agreement, or prenup, is a legal document with which individuals can specify how assets are to be allocated if a divorce should take place. While the idea of a prenup may have a stigma attached to it, there are number of reasons couples should discuss and complete the document before they get married.

One important reason to complete a prenup is if one person in the relationship has more assets than the other person. These assets may be money or other types of assets that they have accumulated or inherited while single. Generally, if a divorce occurs, the assets that individuals owned when they were single will remain in their possession after the divorce. However, there are exceptions, and individuals may be required to allocate some of those assets to their soon-to-be ex-spouse. Taking some time to specify in a legal document what should happen to their assets should they get a divorce can save individuals significant money and time in the future.

The financial security of the person who is earning less than the other person is another reason to consider a prenup. A prenup can specify what type of alimony is to be paid if a divorce occurs, how much is to be paid and the duration of the payments.

An attorney who practices divorce law may assist clients with determining what terms should be included in their prenup so that there will be no need to address divorce legal issues should a divorce occur. The attorney may negotiate on behalf of clients and obtain favorable terms regarding the division of financial accounts, businesses and real estate. The attorney may also work to include terms regarding spousal support.

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