Important Things to Note about Georgia Prenuptial Agreement
Divorce is the last thing on your mind when planning to get married. However, that does not mean that you should completely overrule its possibility. Things may not turn out as expected, and eventually, you and your spouse may outgrow each other, forcing you to go separate ways. This is why couples are advised to sign prenuptial agreements to put their finances and assets in order. Here we discuss all prenuptial agreements in Georgia.
Why Do You Need a Georgia Prenuptial Agreement?
Also known as a premarital agreement, a prenup outlines various property-related rules and regulations to be put in place if a couple divorces or one spouse dies. Some years back, prenups were believed to be only for the unbelievably rich people, but that is not the case now.
The agreement is suitable for any couple that wishes to predetermine marital property division, alimony payment, and insurance benefits if the unexpected happens.
This contract is highly recommended for couples with enormous assets who feel they can acquire vast wealth in marriage.
The agreement is also a great idea if both spouses have significant debts to disclose to each other. It also comes through where kids from previous relationships as it protects their inheritance.
A prenuptial agreement aims to make the divorce process bearable by reducing the chances of conflicts during property division. Also, in the event of the death of a spouse, it is easier for the other party to handle marital assets.
Failure to sign a prenup gives the law the power to decide the division of your assets. And in such cases, most couples feel like the decisions were not fairly made.
What Is Covered by a Prenuptial Agreement?
As earlier mentioned, a prenuptial agreement covers anything to do with property finances. But couples must ensure that whatever they put in the contract does not contradict the state law. Some aspects to include in your prenup include:
- Each spouse's rights and responsibility for assets during the marriage
- Regulation of property purchases and sales during the marriage
- How do you wish to handle your retirement accounts and pensions in the event of divorce or death
- If inheritance property will be included in marital assets
- How do you intend to repay debts acquired before and after marriage
- How property and money earned during the marriage should be divided
- Eligibility to each other’s insurance benefits
- If any of you will pay spousal support, the amount and duration of payment
Any information that violates public policy should not be included in a prenup. For example, any details encouraging divorce, such as offering a financial incentive, will result in prenuptial agreement denial. Additionally, the contract should not discuss child custody and support because only the court will decide on such issues.
Georgia Prenuptial Agreement Enforceability
In Georgia, prenups are also known as antenuptial agreements and are regulated by Title 19, Chapter3, and Article 3 of the section 19-3-60-19-3-66 Georgia code. As per the statute, a prenuptial agreement is signed by two people contemplating marriage.
The agreement should be in writing and signed by both spouses. The signatures should be certified by at least one witness and notary to verify the contract.
The court has the right to refuse the enforceability of a prenuptial agreement if:
- The agreement was obtained through coercion and fraud
- One or both spouses did not fully disclose facts about the ownership and liabilities of their assets
- The agreement is unconscionable
- The prenup is unfair to one spouse
It will help to seek legal assistance to ensure that everything in your prenup conforms to the state law and reduce the chances of denial.
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