A Prenuptial Agreement is a written Agreement made by two people intending to marry concerning various legal aspects of the marriage relationship. The Agreement may govern the rights and responsbilities in the event of a divorce and/or in the event of the death of either party. A Prenuptial Agreement can be particularly useful if a party wishes to preserve a particular asset for himself or herself in the event of divorce of death, and to add some certainty to the financial consequences of divorce or death.
To be binding on both parties, a Prenuptial Agreement must be properly drafted and executed. Both parties must fully comprehend the terms of any such Agreement. Both parties must fully disclose their financial circumstances to each other. Both parties must have sufficient time to contemplate the Agreement.
Many times, older persons who have lost a spouse to death desire to insure that upon death, assets will pass to the children of the deceased spouse. This can be accomplished with a Prenuptial Agreement.
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