Prenuptial Agreements

Prenuptial Agreements and Postnuptial Agreements

UNDERSTANDING & PROTECTING YOUR ASSETS

What is a Prenuptial Agreement?

A prenuptial agreement, commonly referred to as a prenup, is a legal contract that outlines the division of assets and liabilities in the event of a divorce. In addition to financial matters, a prenuptial agreement can address other potential issues that may arise during a marriage.

These agreements may also include provisions regarding the waiving or limiting of alimony in case of a divorce. It’s important to note that provisions for child custody and support should not be included, as these issues are subject to judicial review and would not hold binding authority.

To create a prenuptial agreement, couples must compile a comprehensive list of their assets and liabilities. Providing a complete and accurate disclosure of assets, liabilities, and income is essential for establishing a legally enforceable prenup. If one party wishes to retain exclusive ownership and control over specific assets, those assets must be designated as separate property within the prenuptial agreement.

In Connecticut, the enforcement of prenuptial agreements is not guaranteed. Certain conditions must be met for a prenup to be considered valid, and failure to meet these conditions may result in the court refusing to enforce the agreement.

According to the Connecticut Premarital Agreement Act, a prenuptial agreement or any amendments to it will not be enforced if:

• The agreement was executed under duress.
• The agreement was deemed unconscionable either at the time of its execution or when attempting to enforce it.
• One party was not provided with adequate and transparent information regarding the other party's assets, debts, and income before entering into the agreement.
• One party was deprived of a fair opportunity to obtain guidance from independent legal advisors.

Does a Prenuptial Agreement Make Sense for You?

A prenuptial agreement does not mean that a couple is not fully committed to making their marriage work.  The agreement is simply a tool that can save tremendous conflict and expense in the future, should circumstances arise.  A prenuptial agreement may strengthen a marriage by removing potential mistrust and conflict sources.

Couples seek a prenuptial agreement for a variety of reasons, including:

• They have children from prior relationships and want to safeguard their assets for their children in case of a divorce.
• One person may have significantly more assets than the other person and may want to protect those assets in case of a divorce.
• One or both of them may have gone through a previous divorce and may wish to avoid the emotional and financial expense of litigating another divorce.
• One or both of them may stand to inherit significant assets from parents or relatives and may want to protect the inheritance in case of a divorce.

A prenuptial agreement can be used to protect both parties from future conflicts by addressing in advance what will happen to property upon divorce or the death of one spouse.  Child custody and support matters cannot be predetermined this way, but many important issues can be addressed, including:

• Which spouse will receive specific separate and marital assets.
• Whether alimony can be claimed by either spouse.
• How finances will be managed during the marriage.

Preparing an Effective Prenuptial Agreement in Connecticut

In Connecticut, all prenuptial agreements executed on or after October 1, 1995 are governed by the Connecticut Premarital Agreement Act.  Under this Act, Connecticut recognizes the validity of prenuptial agreements provided that certain conditions are met.  The most important of these relate to the timing of the agreement and full disclosure of assets and debts.

With respect to timing, the sooner the prenuptial agreement is prepared, the better.  Several months are generally required to prepare an effective prenuptial agreement.  Each party needs adequate time to review and understand the terms of the agreement.  If adequate time is not provided, a court may refuse to enforce the agreement for reasons of coercion or duress.

With respect to disclosure, both parties must make their financial information, assets, and debts known to the other.  Failure to provide complete financial disclosure can render a prenuptial agreement unenforceable.

Ready For The Next Step?

If you feel ready to take the next step, we encourage you to call our team to schedule an initial consultation. This step is critical for you to discuss everything surrounding your unique situation. We understand that no two cases are ever the same.

Are You Considering Marriage or Remarriage?

A prenuptial agreement (also known as a “premarital” or “antenuptial” agreement) is a legally binding contract between two individuals that are planning to get married.  Through prenuptial agreements, couples can enter into various agreements about how their separate and joint property, assets, and income will be handled during the marriage and in the event of a divorce or the death of a spouse.

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