Understand Maine Prenuptial Agreement Better
A prenuptial agreement before marriage does not automatically indicate a lack of trust between couples. Instead, it shows that they are concerned about their financial future and want the best for each other even if their marriage doesn't last forever.
A prenuptial agreement in Maine allows couples to add an extra layer of protection to their marital assets and shield themselves from the unforeseeable like divorce or death. Learn more about prenups and how they transform lives for the better.
Should You Get a Prenuptial Agreement in Maine?
If you are unsure a prenup is worthy, the answer is an absolute yes. A prenuptial agreement gives you the utmost peace of mind knowing that you can still get back on your feet and move on with ease whatever happens in your marriage. It also brings you and your spouse closer by giving you a platform to open up about your income, assets, and debts.
A prenup helps you retain all the assets and financial accounts you owned before marriage. It also protects you from repaying debts that you were not aware of.
Suppose you have children from a previous marriage. The chances are that you have an inheritance for them in the form of assets or financial accounts and the last thing you want is to include the inheritance in your joint marital account property. Getting a prenup lets you clarify what you wish to retain for your kids' future protection.
Furthermore, if you own way far more wealth than your partner, signing a prenuptial agreement ensures that you get a fair division of assets during divorce.
Couples may decide to have one working party while the other remains at home looking after the kids and household. In such a case, the working party has to pay spousal support to the non-working spouse in the event of a divorce. Getting a prenuptial agreement lets you define this, the amount spouse should get, and the duration.
Which Aspects Can a Maine Prenuptial Agreement Cover?
In Maine, a prenup can cover various issues relating to money and property acquired before and during the marriage. This is a chance for couples to determine each spouse's rights and obligations towards each other’s property. They also outline regulations on buying, selling, transferring, and controlling property during the marriage.
A prenuptial agreement is a perfect way to establish how you want the marital property to be divided in case of divorce. Consequently, there is no chance of fights and litigations related to this issue, which saves your time and money spent in court proceedings as each spouse tries to acquire the bigger share.
A prenup explains if one party will pay alimony to the other. If not, the couple requests an alimony waiver, which the court may approve if the prenup meets the state's requirements. It would be best if you also discussed what will happen to the death benefits of each party’s life insurance.
Remember, you are not supposed to discuss child custody and support in the prenuptial agreement.
How Do You Make Your Prenup Valid in Maine?
Maine approved the Uniform Premarital Agreement Act which entails a set of requirements for enforceability of a prenup. According to UPAA, both spouses should sign a prenuptial agreement in writing. The couple should leave ample time between the signing date and the actual wedding date to prepare for prenup review.
Both parties should sign the contract willingly for the prenuptial agreement to be valid and enforceable. They should be competent to do so, and most importantly, they should disclose adequate and accurate information about their income, assets, and debts.
Get a downloadable Maine prenuptial agreement form template that you can follow easily when filling the prenup. This will help you avoid mistakes that could render your contract invalid.