A Guide to Minnesota Prenuptial Agreement
The onset of marriage life is usually filled with hopes, aspirations and endless things to fulfil. Amid all these, it is wise to consider the possibility of a divorce, or the worst, death. While you cannot foresee the future, the least you can do is sign a prenuptial agreement to protect yourself from the uncertainties. Read on to understand more about a prenuptial agreement in Minnesota.
What is Minnesota Prenuptial Agreement?
A prenuptial agreement is a contract between two people who wish to get legally married. The contract sets forth how the spouses want to have their properties and assets handled in a divorce or death. It also outlines the rights of each spouse towards the marital assets and money. The prenuptial agreement is only enforced when the couple gets married.
Who Needs a Minnesota Prenup?
Any individual that wishes to get married can sign a prenuptial agreement. The contract is used in various circumstances. For instance, people with significant assets sign a prenuptial agreement to keep their personal property and money separate. This ensures that if they get a divorce, the other party will not get what they did not work for.
A prenup is also vital for couples with kids from their previous relationships. The idea helps to protect the kids' assets and interests. Individuals that have been through messy divorce before should consider signing a prenup to avoid such occurrences again.
Signing a prenuptial agreement does not mean that the couple is pessimistic and anticipating a divorce. It is simply a way of preparing for the unseen and preventing conflicts resulting in court battles.
What Is Covered in a Prenuptial Agreement in Minnesota?
A prenuptial agreement covers any issue relating to the spouse's assets, debts, and alimony. Generally, the contract outlines:
- Each party’s rights to particular properties, owned separately or as a couple
- How the assets will be handled in case of divorce or death
- How debts will be repaid in the event of divorce or death
- How the couple intends to share expenses during marriage
- Whether inheritance and gifts count as marital property
- If one spouse will give alimony to the other, how much and for how long
- Whether the couple is entitled to each other’s life insurance benefits in the event of death
Prenup covers almost everything to do with assets and money, except child custody and support. Child custody is determined by the court depending on each spouse’s situation at the time of divorce proceedings.
Minnesota Prenuptial Agreement Laws
Minnesota allows couples to sign a post-nuptial agreement, which is the same as a prenup, only that it is signed after marriage. Whichever way a couple chooses, the two are expected to sign the agreement and have two witnesses sign the deal. Moreover, the couple must notarize the contract.
Prenuptial Agreement Enforcement in Minnesota
In Minnesota, the enforceability of a prenuptial agreement is guided by the state's laws.The agreement must be written, signed by the spouses and witnesses, and notarized. The contract should then be signed before the couple gets married to make it enforceable. But it can only be enforceable if:
- Each party willingly and fairly discloses its earnings, properties, and debts
- Each party consulted their lawyer before signing the document
- Both parties signed the agreement voluntarily and were in their best state of mind
- The prenup is recorded and signed in the state where either of the spouses owns a property
Failure to meet these requirements renders the prenup invalid, and the court will not enforce it.
Download a free Minnesota prenuptial agreement form her for an easy filling process.