prenupAlthough, prenuptial agreements have been implemented in marriages for years, it seems like lately (especially on television) the word “prenup” has been throwed around a lot.  For instance, on Bravo’s Real Housewives of Atlanta, Kandi Burruss expressed her need for a prenup to fiance’ Todd. Also, the recent unfortunate announcement from Ex-NFLer Kordell Stewart that he’s divorcing wife Porsha Stewart, revealed that they did not have a prenup in place.  Well, with all the talk surrounding prenups, there are people who are not quite aware of what prenuptial agreements entails. In case you are one of those people, here are a few answers to help you understand prenups better.

 

What Is A Prenuptial Agreement?

A prenuptial agreement is a legal contract between two people prior to marriage (executed at least 6 to 12 months before your wedding date).  The contract details how assets acquired before and after the marriage will be distributed in the case of death or divorce. A prenuptial agreement overpowers any local or state laws and is based solely on the couple’s wishes.

 

What Are The Requirements To Prove The Validity Of A Prenup?

A prenuptial agreement is required to have full disclosure of assets, income, and debts. Both parties must be truthful in what information they provide and disclose in the agreement. Although some states do not require full disclosure, it is still based on the mutual agreement of the parties.

 

This agreement must be truthful and not of fraudulent information.  If it is found that one of the parties were dishonest about their assets or income at the time of the agreement, the prenup will be considered invalid.  Therefore, it is suggested that both parties give themselves at least a year to review the agreement, provide accurate information to their lawyers, answer questions, etc.

 

In addition to the disclosure of each person’s assets and liabilities, the prenup will outline any debt brought into the marriage and who will pay for them.  The handling of any investments and additional assets brought into the marriage, as its value increases, will be determined.  Inheritances and alimony, in the case of death or divorce, will be determined via the agreement as to when and how long payments will be received.

 

When Does A Prenup Expire?

This is called a “sunset” provision. The parties can decide if an expiration date is warranted and must be spelled out in their prenuptial agreement.

 

STATE OF GEORGIA LAWS ON PRENUPTIAL AGREEMENTS AND DIVORCE

Now, specifically to the state of Georgia, there are other provisions that can be enforced.  If a couple aquired property (i.e. home, land, etc) during the marriage, the prenup can spell out how that property will be divided between the two.  If property were owned separately prior to the marriage, the prenup can require that those property(s) be kept separate and with the rightful owner.  Child custody and child support, in the state of Georgia, is not protected by a prenup and is determined solely by the judge presiding over the case. Addendums (or changes) to the prenuptial agreement can be made during the marriage. But, only in the prescence of witnesses.

 

 

The information provided above is set forth so that a person can be financially protected in the case of divorce.  Although marriage should be based on spirituality, being equally yoked, and love, it doesn’t hurt to protect those things you’ve worked hard for to achieve.  You never know if a marriage will last in this day and age. So, be prepared and protect what is yours.