A prenuptial agreement, or “prenup”, is a contract or agreement between prospective spouses made in contemplation and advance of marriage. A discussion of the reasons that a person may wish to enter a prenup and the terms they may want included in said document have been discussed in the earlier parts of this series. Now that you are ready to proceed with a prenup, this third part of the series will address which documents to have available for your attorney.
A copy of your individual tax return for the most recent tax year will often be included as an attachment to your agreement. The purpose of this attachment is to make each party aware of the other party’s income at the time of signing and there can be no dispute of that particular financial disclosure. Financial disclosure is imperative to a successful prenup and without it your prenup could be vulnerable to being challenged or set aside by the court.
A prenup may also include the attachment of each party’s most recent W-2 or paystubs for the same reasons as above in including the tax return – to irrefutably provide a disclosure of incomes to one another.
Prenuptial agreements typically establish what property the parties currently own, whether it is marital or non-marital property, and how said property will be distributed in the event of separation or divorce. Included in each parties’ list of assets they currently own should also be approximate or exact values of the asset. This lends itself again to proper financial disclosure. Providing evidence of the current asset values (i.e. bank statements, appraisals) to your attorney, or having them available at the very least for the other side’s review, can expedite the process.
Similar to the above explanation for assets, each party’s debts may need to be accounted for in the agreement. Having current credit card and mortgage statements, for example, will be helpful should your attorney or the other side request the information to examine.
Prenups may be used as estate planning tools to address the division of property in the event of one party’s death. If you already have a Last Will and Testament, or other estate planning documents, then it would be advantageous to present them to your attorney to ensure the agreement and estate documents do not conflict.
Prenuptial agreements can truly be customized and designed to fit each individual or couple’s needs. The attorneys at Obermayer are experienced in discussing and preparing these agreements, set up a consultation today to discuss the future of your family.
The information contained in this publication should not be construed as legal advice, is not a substitute for legal counsel, and should not be relied on as such. For legal advice or answers to specific questions, please contact one of our attorneys.
Amanda concentrates her practice in all aspects of family law including divorce, adoption, child and spousal support, custody, separation and domestic abuse in the greater Doylestown, PA area. Amanda advises people during...
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