When a couple gets married, not only are they coming together as man and wife, but they are also coming together as a marital household. As such, they agree to share their money, property, and liabilities. However, what happens if they want to specifically exclude certain things? The answer to this question is a prenuptial agreement. But what is a prenuptial agreement?
A prenuptial agreement is when an engaged couple drafts a legal document, in writing, that determines which property is excluded from the marital relationship and how any martial property will be distributed in case of some event. Typically, the events that trigger this distribution are either death or divorce, with divorce being the more common. Because the agreement relies on a marital relationship, it only becomes effective after the couple becomes married. However, because the prenuptial agreement governs the couple’s money, property, and liabilities, it has long-reaching effects.
Although commonly used by the rich and famous, prenuptial agreements have recently become more popular among even average couples. Generally, the reasoning behind this is that in case of divorce, one of the hardest issues to hammer out, property distribution, is already taken care. Additionally, prenuptial agreements are common for individuals that have been previously divorced and have children from the prior marriage that they would like to leave specific property to.
Valid Prenuptial Agreements
In North Carolina, prenuptial agreements are governed by the Uniform Premarital Agreement Act, located in Chapter 52B of the N.C. General Statutes. As such, the general requirements for a prenuptial agreement are that it the prenuptial agreement be written and signed by the engaged parties, without any need for consideration. Additionally, once an agreement becomes valid after the marriage, the agreement may be modified or revoked.
Contact Us at Minick Law, P.C. to set up a personalized consultation with one of our Prenuptial Agreement lawyers. After speaking with one of our lawyers, you will know the legal standing of your situation and what is best for you.
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