Why You Need Full Disclosure in Your Prenuptial Agreement
Couples can take many steps to protect their financial interests. Prenuptial agreements make it easy to resolve disputes in the event of a divorce.
A prenuptial agreement outlines how both parties will address the division of assets, alimony, and other issues.
Full disclosure protects your interests and ensures that both parties understand the terms of their agreement. It can also prevent costly legal disputes that can last for years.
Understanding prenuptial agreements and full disclosure helps you prepare for any potential issues that can arise.
The Essentials of Prenuptial Agreements
A prenuptial agreement is a contract between both spouses that’s been established before the marriage takes place.
Marital assets and property are divided between two divorcing spouses regardless of whether or not a prenuptial agreement is in place.
But without a prenuptial agreement, the division of your assets will be subject to decisions made by the courts.
A prenuptial agreement lets you and your spouse decide how to carry out the division of assets in advance. This can accommodate you and your partner’s unique needs and circumstances.
Prenuptial agreements are beneficial to anyone who owns assets, regardless of their level of wealth.
If either party has outstanding debt or children from a previous marriage, establishing an agreement can be an invaluable way to protect everyone involved.
The Role of Full Disclosure in Prenuptial Agreements
Full disclosure is a legal concept that many people overlook when considering prenuptial agreements. It’s a requirement that can exist in a wide range of legal cases.
Full disclosure helps both parties have equal power to negotiate their agreements by ensuring that all assets are identified and disclosed. This gives both parties full knowledge of the impacts their decisions and agreements can have.
In a prenuptial agreement, full disclosure is required in relation to the assets that are owned by both parties.
The agreement may include a schedule of you and your spouse’s assets to show that the contract was put in place with full disclosure by both parties.
Prenuptial agreements that are made without full disclosure may be invalidated by the courts. If the value of the assets involved is significant, failing to disclose them may be considered a fraudulent act.
Establishing Your Prenuptial Agreement With Full Disclosure
Any disclosure of assets should be submitted in writing. A disclosure schedule can be included as an addendum to your prenuptial agreement.
Your disclosure schedule should list all assets of both parties. It should outline the value of your assets and any outstanding debts and liabilities. You’ll need to include information related to any income sources and their amounts.
If you or your spouse have an interest in a financial partnership, business, or inheritance, you’ll need to provide that information in your prenuptial agreement as well.
Your agreement must show that both parties have received and understood the disclosure of financial assets and that you’ve consulted with a legal professional when preparing your prenuptial agreement.
Georgia prenuptial agreements must be in writing and have a minimum of two witnesses who must also sign the agreement along with both parties. You must file your prenuptial agreement within three months of signing it.
Making sure both parties have fully disclosed their assets in a prenuptial agreement is one of the many factors required to protect your interests and ensure that it’s valid under Georgia law.
A prenuptial agreement outlines how you and your spouse will address important issues in a divorce. Consulting with an experienced Georgia family law attorney can give you the legal protection you need as you complete the divorce process.