Prenuptial Agreement Common Law

Prenuptial Agreement Common Law: What You Need to Know

A prenuptial agreement, also known as a prenup, is a legal document that outlines financial and property arrangements between two individuals planning to get married. Prenups are not just for the wealthy, but rather a tool for anyone looking to protect their assets and ensure a smooth separation in the event of divorce. While prenups are not required by law, they can offer peace of mind and a sense of security for both parties.

Common law marriages can add complexity to prenuptial agreements. Common law marriage is a type of marriage that exists without ceremony or a marriage license, but instead by living together and presenting themselves as a married couple. Common law marriages are recognized in some states, but not all. In states where common law marriage is recognized, prenups can still be used to protect the assets of both parties.

When creating a prenuptial agreement for a common law marriage, it is important to ensure that it is written and signed before the couple presents themselves as a married couple. This is because once a couple presents themselves as married, it may be more difficult to prove that the prenup was agreed upon before the marriage, especially if the couple has been living together for a long period of time.

It`s also essential to ensure that both parties understand the terms of the prenup and that it is not created under duress. A prenup created under duress, such as one party threatening to call off the wedding if the other doesn`t sign, can be contested in court.

When it comes to common law marriages, property division can be complex. In most states, property acquired before the marriage is considered separate property, but property acquired during the marriage is considered marital property. However, in a common law marriage, it may be difficult to determine when property was acquired. This is why a prenuptial agreement can be especially beneficial for couples entering into a common law marriage.

In conclusion, prenuptial agreements are an important tool for anyone entering into a marriage, but especially for those in a common law marriage. By understanding the laws in your state and working with an experienced lawyer, you can create a prenup that protects your assets and ensures a smooth separation if the marriage ends.