If marriage is in your near future, you may be curious about a prenuptial agreement. Chances are you’ve heard of them already but don’t know all the details. A lot of couples decide to sign a premarital contract to protect themselves in the event of a divorce.
Even if you’re interested in the idea of a prenup, you want to know all about what Minnesota law says about premarital agreements. Here’s an overview of how prenuptial agreements work in Minnesota.
What Is a Prenuptial Agreement?
A prenuptial agreement, also known as an antenuptial contract, is a document that couples sign before they get married. This contract lays out the rights of each person if a divorce happens. Here’s what is included in a typical Minnesota prenuptial agreement:
- The rights of each person to property
- The division of expenses
- The division of assets during divorce or after death
- What will be considered separate or marital property
- The details of alimony in the event of a divorce
A premarital contract can cover a lot of matters relating to property, assets, debts, and alimony.
How Do I Make a Prenuptial Agreement in Minnesota?
Minnesota state law, not federal law, determines whether prenuptial agreements are enforceable. Here is how to make sure your antenuptial contract is upheld:
- Both of you disclose and discuss all your assets, debts and earnings
- Both of you have the opportunity to see an attorney of your choosing
- Both of you voluntarily sign the agreement in the presence of a notary and two witnesses
- The contract is signed where either of your property is located
However, the court will likely examine other aspects to ensure your prenuptial agreement is valid if you get a divorce. For example, the court may decide your contract is unfair if it says one person gets all the debt while the other gets all the wealth. Additionally, your agreement will be invalid if you never marry after signing it.
What Is a Postnuptial Agreement?
Even if you don’t sign a prenuptial agreement, it’s not too late. You can sign a similar document after your marriage. A postnuptial agreement is essentially the same thing as a premarital contract except that it’s signed at a different time.
Prenuptial agreements and all other related issues can be intimidating and confusing at first. There is a lot more to learn about prenuptial agreements, marriage, and divorce. Here at the Law Offices of SchindelSegal, PLLC we make it easy for you to learn all about prenuptial agreements and family law.