Practical Advice for a Prenuptial Agreement in Minnesota
Have you found the love of your life and plan to get married? Before you take one of the most important steps in your life you might want to investigate the benefits of having a professional prenuptial attorney write a prenuptial agreement perfect in the state of Minnesota
A prenuptial agreement no longer has astigmatism of greed around it. They are in fact one of the smartest considerations that either party could make. Prenuptials are gaining favor for marrying couples. They see it as not just an agreement to protect and assets, but to answer issues not covered in a will such as death benefits and life insurance policies.
In addition, couples who have experienced the messiness of a prior divorce realize that working out many of these issues ahead of time can greatly simplify the process.
The laws regarding agreements are very complex in the state of Minnesota. We are one of the few states that don’t adhere to the Uniform Prenuptial Agreement Act. This means that the state will decide whether the agreement is enforceable.
They must conform to certain strict rules to make them correct, enforceable and legal by Minnesota standards. This creates the need for a competent and experienced lawyer paramount.
What prenuptial covers: Most all of the issues covered in a prenuptial are financial in nature. Included in the agreement are details regarding all assets acquired during the marriage as well as those personal assets from before the marriage. Mention of alimony and debt are covered as well as expenses, property, debts, inheritance or gifts.
Children: Prenuptials should not include any agreement to the care and custody of children. Minnesota courts disallow them and make decisions that are in the best interest of the child at the time of the divorce proceedings.
Same-sex couples: Minnesota has strict residency requirements regarding the dissolution of marital assets. This is especially true as it pertains to same-sex couples who married in another state. An equitable distribution of assets under Minnesota law doesn’t mean equal distribution.
Same-sex civil unions were illegal in Minnesota until 2013; therefore the rules are complicated. As a matter of course, the new laws have made the rules of same-sex unions the same as other marriage; this is now the same as in a prenuptial as well.
Conclusion: The courts decide if the agreement if monetarily fair to both people. The majority of assets can’t be allowed to one spouse if the other is significantly harmed. The court determines whether the prenuptial agreement is fair by looking at its result at the time of divorce.
As you can see the prenuptial agreement is intricate and complex. Your concerns will be assured by knowing that your best interests are our focus. We address a wide range of topics and specifications and assure they are correct.
The value of a prenuptial agreement is a consideration that shouldn’t be over-looked. contact us to discuss the right agreement for you and your spouse.