How to Protect Your Prenuptial Agreement in Minnesota
When we hear the term prenuptial agreement we relate it to high-profile celebrity marriages. It is frequently discussed as agreements between spouses with massive net worths or disparaging wealth gaps. However, the prenuptial agreement is not only a rich or famous person’s thing; it is a must-to-understand thing for anyone getting married.
In Minnesota, people getting into a marital relationship also have to agree on a legal contract that can affect their financial assets. A prenuptial agreement is not just about the division and distribution of assets but also about the disposition of property upon death. It must be correct, enforceable, and legal by Minnesota standards. It is a legal way to protect both partners in the case of death or divorce.
How to protect prenuptial agreement in Minnesota
Minnesota has not adopted the Uniform Prenuptial Agreement Act (UPAA). That means Minnesota state law is responsible to enforce prenuptial agreements.
In general, in Minnesota, future spouses sign a written prenuptial agreement. The spouses must sign it in the presence of two witnesses and a notary. This has to be signed before the couple marries officially. If they do not marry or spouses are of not the legal age, the agreement will not be considered valid.
The following circumstances must be met for prenuptial agreement enforcement.
Disclosure for debt and asset
Make sure you both disclose all your debts and assets before signing the marital arrangement. Both parties are required to disclose earnings, loans, credit card balances, bank accounts, investments, real estate, and all other assets and debts. The contract might be declared invalid if any of you failed the required disclosures.
Comply with requirements
Under Minnesota law, the following requirements must be met in a prenuptial agreement:
- The contract is in written format
- Both parties must sign it before marriage
- There must be at least two witnesses
For a prenuptial agreement to be valid and enforceable all these requirements must be met.
They must sign the agreement voluntarily without any pressure or fear. It must be signed by their choice in a mentally stable state, under no influence. One can challenge the prenuptial agreement in court if any of the parties was pressurized or faced undue pressure to agree and sign the contract.
Recorded in native county
Prenuptial agreement to be enforceable must be recorded in the county where the real estate property of either of the spouses is located.
The legal counsel of choice
Both the parties have the opportunity to meet with legal counsel of their own choice, before signing the prenuptial agreement. Any of them change the counsel if not satisfied.
A prenuptial agreement in Minnesota can be complicated but doing things fairly and keeping the basics in mind, it can be done effortlessly. It ensures that both parties will get fair distribution and division of assets and debts in any unfortunate situation of parting. To eliminate complexities, contact the best Minnesota family law attorney.