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In Wisconsin, a prenuptial agreement is the main type of marital property agreement. Prenups outline what happens to assets in the event of a divorce. Prenuptial agreements protect each party’s assets and protect each side from the other person’s debts. For a prenup to hold up in court, each person should have their own lawyer review the agreement.
A prenuptial agreement, commonly known as a “prenup,” is a legally binding contract between two individuals who plan to get married. The agreement outlines how to handle assets, debts, and other financial matters during the marriage and in the event of divorce or death.
Prenuptial agreements help protect each spouse’s financial interests and provide clarity in the event of property division.
For a prenuptial agreement to be legally enforceable in Wisconsin, it must meet several key requirements:
A prenup must be in writing and signed by both parties.
Both parties must enter into the agreement voluntarily, without coercion or duress.
Each party must provide a complete and accurate disclosure of their assets, debts, and income.
The terms of the prenup should not be excessively one-sided or unfair to one party.
The agreement must not violate Wisconsin’s laws or statutes.
For the prenup to be held up in court each party should also have their own lawyer review the agreement. Each party having their own attorney helps prove everyone had a proper understanding of what they agreed to.
Prenuptial agreements are beneficial in a variety of legal or financial situations. The following individuals should consider a prenup, especially if you fall into more than one of these categories:
To safeguard property, investments, or savings held before marriage.
To protect business assets from being divided in case of divorce.
Ensures that children from previous marriages retain their inheritance rights.
Shields one spouse from being responsible for the other’s premarital debts.
To keep a future inheritance separate from marital assets.
Helps clarify financial expectations and prevent potential disputes over spousal support.
Musicians, authors, or inventors can protect their professional assets, patents, or royalties.
Older individuals who have accumulated wealth and want to secure their financial future.
A prenup can outline financial protections for the spouse who sacrifices career advancement for the family.
There are many benefits to having a prenuptial agreement. Many of the benefits are discussed above, but here is a short list of benefits:
Who benefits the most from a prenup depends on the specifics of your situation. For example, if a husband-to-be has a lot of debt, the wife would be protected from being on the hook for it. Or, if a husband-to-be had a large retirement saved up at the time of the marriage, he would benefit from keeping that for himself in the event of a separation.
Prenuptial agreements can include anything, but the court will only enforce the aspects that are permissible under Wisconsin’s state statutes.
Child custody and support decisions must legally be made in the best interest of the child. If the parents agree on those decisions when separating, the court is likely to accept their decisions.
A well-drafted prenuptial agreement clearly defines property division and spousal support obligations. This can simplify and expedite divorce proceedings. However, disputes may still arise if one party challenges the agreement.
When you invest time and money into creating a prenup, you want to make sure it holds up in court. Here are some key ways people try to contest a prenup:
To ensure that a prenuptial agreement is legally valid and enforceable, couples should follow best practices when drafting the document.
While Wisconsin law does not require a lawyer to draft a prenuptial agreement, it is highly advisable. An experienced attorney can ensure the agreement meets legal requirements, protects both parties’ interests, and reduces the risk of future disputes.
Lawyers at Grieve Civil Law have significant experience in both family law and civil law, giving them a unique background tailed to ensuring your prenup is done right.
Prenuptial and postnuptial agreements are two common forms of a marital property agreement. The key difference is that a prenup is created before the marriage and a postnup is created after the marriage.
Like a prenup, a postnuptial agreement outlines the division of assets, debts, and financial responsibilities. Postnups can be useful if financial circumstances change during the marriage, such as one spouse starting a business or receiving a significant inheritance.
If you’re ready for prenuptial agreement drafting or review, contact Grieve Civil Law today.
