Benefits of Getting a Massachusetts Prenuptial Agreement
The thought of getting married and starting life with your lover can be exciting. But have you thought about the uncertainties? What could happen if your marriage did not make it to forever and you both had to start your lives separately? Will you be financially secure to start again?Don't let today's excitement blind you from seeing the future. Signing a prenuptial agreement is the best decision anyone can make to protect their properties and ensure that if the unexpected happens, perhaps due to divorce or the death of a partner, they can quickly get back on their feet. Check out below this Massachusetts prenuptial agreement guide:
Why Should You Sign a Prenuptial Agreement in Massachusetts?
There are limitless reasons to have a prenup before tying the knot. The contract allows you to decide between yourselves on matters related to your marital property and finances. It endows excellent certainty over how your assets will be handled in the event of a divorce or death.
Furthermore, a prenuptial agreement prevents litigation related to property division. It saves you from lengthy and costly court battles trying to have your concerns heard.
Having a prenuptial agreement saves you from premarital debts. Suppose your partner had acquired student loans and credit card loans before you got married. A prenup allows you to outline how those loans should be settled during marriage and in case of divorce, which protects you from paying premarital debts unwillingly.
A prenup helps you to protect gifts and inheritance received during the marriage. This means that you can use the contract to ensure that your family's inheritance and gifts during the marriage remain your property even after divorce.
Similarly, if you have kids’ inheritance from a previous relationship, a prenup helps to protect those assets and ensure your kids’ interests are not violated.
What is Included in a Prenuptial Law Massachusetts?
A prenup can include anything money and property-related, provided it does not contradict the law. The main issue to discuss in a prenuptial agreement is how you wish to divide assets and properties in case of divorce or separation—outline which properties count as marital and which ones you retain as individuals.
You can then outline each party’s rights and obligations on marital and individually owned property. For instance, can you sell, transfer or exchange your spouse’s premarital assets? Also, if you buy a property while in marriage, how do you intend to manage it?
It would help if you also discussed alimony or spousal support in the prenuptial agreement. If you decide that one of you will pay alimony to the other after divorce, predetermine the amount and duration of payment. Again, if you choose that none of you will pay spousal support to the other, outline the waiver in the prenuptial agreement.
Be sure to outline life insurance benefits in the event of death. Discuss if your spouse can be a beneficiary of your life insurance policy and other death benefits.
In a prenuptial agreement, Massachusetts does not protect child custody and support. The issues are for the court to decide when the right time comes.
Reasons Why Your Massachusetts Prenuptial Agreement May be Unenforceable
Section 26 of the state's prenup laws requires couples to create lists of their properties and liabilities and attach financial documents to support their statements. The prenuptial agreement should be in writing, signed voluntarily by both spouses, and notarized.
The court will refuse to enforce the prenup if:
- The agreement was signed under threat or duress
- One or both spouses offered false or incomplete information regarding their properties.
- The prenuptial agreement is unconscionable.
- Wrong timing where the couples do not leave ample time between signing the agreement and the wedding day
Download a free Massachusetts prenuptial agreement form for easy contract filling and signing.