Crafting Prenuptial Agreements That Work
The lawyers at Hajek & Beauclaire LLC have extensive experience drafting and litigating prenuptial agreements. Our understanding of the ways these agreements can be challenged enables us to create agreements that are valid and enforceable under Minnesota law.
There are two main reasons why you may want a prenuptial agreement:
- To determine in advance how your assets will be divided in the event of a future divorce.
- To protect the financial interests of children from a prior marriage if you should die before your new spouse
A premarital agreement protects you from the unexpected. For example, you may assume that assets you owned before your marriage (such as a home, business or inheritance) are your separate property and will not have to be divided with your spouse in a divorce. However, marital property division laws are complex and separate property assets can become marital property through a process called transmutation. In addition, without a prenuptial agreement, any increase in the value of your assets during your marriage would be marital property.
In blended families, long-held resentments between children and a stepparent can rise to the surface after the biological parent dies. It’s not unusual for stepchildren to be disinherited by a new spouse after their biological parent dies. Your prenuptial agreement, in conjunction with your estate plan, can protect your children’s inheritances.
To be enforceable in Minnesota, both parties should be represented by lawyers. The agreement must be properly drafted and provide full and fair disclosure of assets.