What is a Prenuptial Agreement?
A prenuptial agreement, premarital agreement or pre-nup, is an agreement made by a couple before a marriage concerning the division of the ownership of assets in the event of a failed marriage.Do you need a prenuptial agreement?
Generally, a North Carolina prenuptial agreement is used frequently when there is a large disparity in the size of the value of the assets of the individuals entering into the union. A prenuptial agreement in NC is also often used in the following situations:- People who get married later in life
- People that have acquired assets on their own.
- People who might have had marriages in the past (Blended families in particular!)
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What should be included in a prenup?
A prenuptial agreement, or pre-nup should specify certain items. Some of the items that are normally included in a prenuptial agreement in North Carolina are as follows:- A prenuptial agreement specifies what will, and will not, be considered marital property
- A prenuptial agreement is meant to specify and protect each parties personal assets.
- A prenuptial agreement is meant to specify the saving and spending strategies the union uses in their general investment and overall retirement savings strategies.
What is the purpose of a premarital agreement in North Carolina?
Before we begin, let’s state the following: Under North Carolina law, a prenuptial agreement cannot harm the interest of a child. Now with that in mind, in North Carolina there are a number of reasons why a couple would decide to enter into a prenuptial agreement. Some of the reasons why a couple would decide to enter into a prenuptial agreement in Charlotte, NC include the following:- Laying out a clear definition of the assets or debts that are separate property for each spouse.
- Assigning specific property that shall be under only one spouse’s control for the purpose of commercial exploitation, sale, lease, or other functions.
- Laying out a clear definition of what spousal support or alimony support obligations should the parties separate or divorce in the future.
- Laying out a clear definition of how property should be disposed of in the unfortunate event of death, divorce, separation, or other type of calamity.
- Laying out a clear definition of which party is entitled to the larger share of the marital assets if a divorce follows marital misbehavior of the offending spouse.
- Laying out a clear definition of whatever special duties or obligations are for each spouse.
- Laying out a clear definition of special provisions for the care or treatment of minor children or stepchildren. In general, prenuptial agreements are non-binding in the instance of a child custody dispute or decision made.
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Are Prenuptial Agreements Always Enforceable
While prenuptial agreements are presumed to be enforceable, you or your spouse may challenge the validity of a prenuptial agreement for certain reasons, including:- The prenuptial agreement was signed under some sort of fraud
- The prenuptial agreement was signed under coercion or duress
- The prenuptial agreement was unfair or inequitable