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Prenuptial Advice for Wisconsin Couples

by janeausten

Prenuptial agreements, sometimes known as prenups, are increasingly being considered by engaged couples. This applies to all people, not only affluent or older couples with kids from past marriages. Prenuptial agreements are becoming more and more common among realistic young couples, particularly millennials. Milwaukee family lawyer can help with your divorce proceedings.

What exactly is a prenuptial contract?

A prenuptial agreement (prenup) is a formal agreement made before a marriage that specifies how assets and debts will be handled during the marriage and how they will be divided in the case of divorce. It is a type of financial planning that establishes expectations for the marriage and specifies how financial problems will be handled in the event of a divorce.

Here are some suggestions for Wisconsin couples to consider when determining whether to get a prenuptial agreement.

  • Recognize the Marital Property Act of Wisconsin.

If there is no prenuptial agreement in Wisconsin, the Marital Property Act governs the partners’ income, assets, and obligations (Wis. Stats. ch. 766). Simply said, all income, assets, and obligations become equally and jointly held after marriage due to the Marital Property Act. This encompasses both what was there before the marriage and what was collected after the marriage. A court will decide how to distribute the couple’s assets and obligations in the case of divorce. The assumption is that the parties would split the marital property and debts equally.

  • Discuss finances with your partner in an open and frank manner.

Prenuptial agreements may not be the most romantic topic of conversation for engaged couples. It is undoubtedly a realistic debate, and some married people find the prenuptial agreement procedure beneficial for setting up their money before getting married.

Both parties must fully and completely disclose their possessions and obligations to the other party for a prenuptial agreement to be enforceable. This will guarantee that all parties are fully aware before the contract is signed.

  • Make a prenuptial agreement well in advance.

It is critical to get started early if you and your spouse intend to obtain a prenuptial agreement. Prenuptial agreements drafted in haste are frequently poorly executed and void.

A court must be convinced that both spouses willingly entered a prenuptial agreement and that neither party was subjected to “undue influence” or coercion for it to be upheld.

Hire a family law attorney with experience to represent you in court.

Both parties having their attorneys is another technique to prove without a doubt that they were fully educated before agreeing to the prenuptial agreement.

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