What You Should Know About Ohio Prenuptial Agreement
When people marry, they often have clear intentions of building a long-lasting marriage. The last thing to think about is the possibility of a separation or divorce. Unfortunately, nearly half of marriages result in divorce, requiring former couples to split their assets.
If you are soon to marry, it is good to hope for the best in your marriage. But it also pays off to have a backup plan on how you’ll share vital assets should your union not yield the desired outcome.
A prenuptial agreement helps you simplify your divorce process by setting guidelines for solving thorny financial issues. Discover more about a prenuptial agreement in Ohio.
Ohio Prenuptial Agreement at a Glance
A prenuptial agreement is an official, legal contract you sign with your future spouse before marriage. The contract provides a road map of how you’ll handle expenses in your marriage and divide assets should you discontinue the marriage. A premarital agreement also specifies how much alimony you’ll receive or give to your spouse after divorce.
According to Ohio revised code, a prenuptial agreement, otherwise known as an antenuptial agreement, must be in writing and takes effect when you marry.
Without a prenuptial agreement, the court will equitably divide your marital property when you divorce. Accordingly, the court will consider the following factors when distributing your marital property:
- How long you’ve been in marriage
- Your assets and liabilities
- The liquidity of the marital property
- Your tax obligations
What Are the Benefits of Prenuptial Agreements in Ohio?
In Ohio, a premarital contract is the surest way to protect all assets and resources you owned before marriage. Thus, a properly drafted prenup ensures any asset you have before marriage will be safe from distribution under marriage laws.
A prenup is also critical if you wish to limit the amount of spousal support to give in a divorce. Although the court will determine a fairground for spousal support, you still have control over the amount your spouse receives.
You may bring children into your new union if you have been married before. As a result, you would want to preserve an inheritance for them if you divorce or die. A prenup helps you define a separate property that your children will inherit in the future.
How Do You Acquire a Prenup in Ohio?
Ohio hasn't adopted the Uniform Prenuptial Agreement Act. However, it follows a revised code of state law to regulate prenuptial contracts. Section 1335.05 of the revised code highlights the obligations of different parties in prenuptial agreements.
According to the law, you should create the agreement jointly with your spouse and well in advance before the wedding. The courts might not accept a prenup made a few moments before the wedding.
Once you disclose all the relevant information and write out everything, you can have separate attorneys review the document for errors or legal gaps.
But merely writing a prenup is not enough if it is not enforceable in court. Therefore, if you want your agreement to remain valid, you should meet certain legal conditions.
You should enter the agreement voluntarily without coercion, duress, or fraud. If you or your spouse signs the document under undue influence, the courts may not hold it valid.
You should disclose the value, nature, and content of all your assets and finances. Any attempt to conceal vital financial information may void your prenup.
Your agreement should be reasonably fair to both parties. For instance, if your contract includes alimony, it should be sufficient for the beneficiary without additional financial support from the state.
Prenups are primarily subject to the court’s scrutiny. Therefore, when drafting one, you may opt to consult an attorney. Here’s a free printable template for Ohio prenuptial agreement.