A prenuptial agreement specifies each party’s rights, assets, debts and property before the marriage. Protecting your assets by preparing a prenuptial contract has never been this easy and cost effective.
Preparing a Prenuptial Agreement and pitfalls to avoid
Attorney prepared legal forms including prenuptial agreement forms are nowadays readily available on the Internet for usually a fraction of the price charged by a lawyer. Ironically, it is probably the same form used by many lawyers across that nation.
The main reasons that prenuptial contracts are cost effective when obtained online is due the following:
1) You are not meeting a lawyer and hence you are not being charged for their time
2) You are preparing the form yourself thus again saving on work charged by a lawyer.
How to Prepare a Prenuptial Agreement
After purchasing an attorney prepared form and downloading it, you can fill the required information as follows:
- Names of the parties
- How are Common Living Expenses paid for as agreed by the parties
- Summary Financial Statements of the Parties
- It is recommend that you execute two original signed documents with one to be given to each party.
- Notary. The states of Louisiana, Minnesota, and New York require the contracts to be notarized. Where do I get a notary? Your local bank, insurance agent, or stockbroker are the best places to find a notary
- Witnesses. Minnesota requires that a prenups be witnessed as well as notarized. Florida requires witnesses when the agreement waives the right to make a claim against estate of deceased spouse. In state of Missouri, prenuptial contracts must either be notarized or signed by one of more witnesses (2 witnesses are recommended).
- Financial Statement, Schedule A. Before executing your Prenuptial Agreement, both parties are urged to review not only their own financial statement for accuracy but also that of the other party. If the financial statements are materially inaccurate, it will affect the validity of the agreement.
What are the common pitfalls?
- Never use a free form downloaded from the Internet. Such forms almost always contain errors and are incomplete.
- Have the prenuptial contract prepared and signed as soon as possible. Signing a prenuptial agreement close to the date of the wedding may indicate duress. A judge may void it based on this reason.
- Make sure to use a state specific and up to date form.
Protecting your finances and money has never been easier.