We often read about prenup agreements in relation to Hollywood marriages when a wealthy celebrity is seeking to shield his or her fortune from a new spouse. However, it’s a misconception that these agreements are solely to protect a wealthier spouse. A prenup agreement has many purposes. It may impact the children of divorce.
A prenuptial agreement can address all issues that are assessed during the divorce.
Prenup agreements are becoming increasingly popular in Georgia and elsewhere. In the 21st century, more people consider the prospect of marriages failing while blended families and second marriages are becoming more common.
Prenuptial Agreements are generally enforceable in Georgia unless it can be demonstrated that:
- The circumstances of the parties and facts have changed so much the agreement is no longer fair and reasonable.
- The agreement was drawn up through duress, fraud, mistake or key facts were not disclosed.
- The agreement is unconscionable.
The main purpose of a prenup agreement is to set out in detail how marital property can be treated and protected. The agreement must be carefully and tightly drafted to be effective when a marriage is dissolved.
A carefully drafted prenup will contain a full and complete disclosure of each party’s earnings, liabilities, and assets at the time the agreement was executed. Disclosures of this nature can help prevent a party from claiming at a later date that he or she was unaware of their spouse’s net worth or earning capacity if the agreement is later challenged.
A prenup agreement can impact the children of a divorce because it can relate to:
- Child support
- Child custody
- Property division
Not all marriages require a prenuptial agreement but it’s recommended in some cases. For example, if either spouse has children from a previous marriage, if spouses share a business, or there is a complex pre-existing estate, it makes sense to draw up a prenuptial.
Hiring a lawyer who is familiar with prenuptial agreements will help you protect your assets and your children as much as possible under Georgia law. However, a loosely written agreement may be ineffective and open to legal challenge.
If you are considering getting married and want to protect your assets or are facing divorce, it makes sense to contact an experienced Georgia family law lawyer at (404) 913-1529.