Essentials of Mississippi Prenuptial Agreement Form
Couples get into marriage with the hope of a happily ever after. But still, even the merriest relationship may turn sour, and in such a case, the best choice is to go your separate ways. Or worse, death could happen, leaving one partner feeling overwhelmed and lost.
Often, a marriage can end with grief, confusion, and frustration. Among the biggest worries revolve around property management and division. And this is where the prenuptial agreement comes in to take this worry off the couple's shoulders. It will give them peace of mind knowing that their financial future will still be secure if things go wrong. Check this guide to understand more about Mississippi prenuptial agreement form.
What Does Mississippi Prenup Entail?
Also known as an antenuptial contract, a prenup is an agreement between spouses that pre-determines how they will handle property and assets if their marriage ends. The agreement also indicates how couples will settle debts and wish to retain their personal bank accounts.
Some individuals feel like a prenup indicates mistrust, but that is further from reality. A prenup is meant to give spouses mutual assurance and avoid legal conflicts resulting in lengthy court proceedings.
Do You Need a Prenuptial Agreement?
Every couple is advised to sign a prenuptial agreement, regardless of their societal status. Years ago, a prenup was viewed as a requirement for the rich and celebrities. Things have changed now as more people realize the extent of damage control that a prenup does.Couples do not sign a prenuptial agreement because they hope to divorce. They do so because they want to secure their kids' financial future and interests. The document also goes a long way in simplifying divorce proceedings. Wealthy people may also enter a prenup to protect their assets and ensure tax considerations.
What Does a Mississippi Prenup Cover?
A prenup covers nearly everything revolving around money and properties. These include how they will spend money during the marriage, how the properties acquired together will be divided, and how they will settle debts upon divorce or death.
Failure to sign a prenuptial agreement means that your property will be divided as per the state's laws, which will likely leave you unsatisfied. Therefore a prenup gives you the chance to decide who gets what.
Simply put, a prenuptial agreement dictates:
- Couple’s rights to the property owned individually and as a couple
- The division of real estates and other assets upon divorce or death
- Each party's rights to use, sell or transfer money or assets during the marriage
- Whether inheritance and gifts will be part of marital property
- If one party will pay alimony to the other, how much and for how long
- How debts will be settled in case of death or divorce
- If the spouses will benefit from each other’s life insurance in case of death
However, the prenuptial agreement does not discuss anything to do with child custody and support.
Requirements for Mississippi Prenuptial Agreement Enforcement
Mississippi does not follow the Uniform Prenuptial Agreement Act. The enforcement of prenuptial agreements is guided by state law. The law requires that:
- The agreement should be in written form
- When signing the prenup, both spouses should be in their right state of mind
- Each couple signs the agreement willingly and fairly
The court would deem a prenup invalid if any party were forced to sign the deal or was not in the suitable mental capacity to understand it. Similarly, the court will refuse to enforce the agreement if one of the spouses refuses to disclose information about their financial state and if the deal is not in written form.
Get a free downloadable Mississippi prenuptial agreement form with an easy-to-follow template to avoid leaving any information out.