Why It's Important To Periodically Review Your Prenuptial Agreement
Prenuptial agreements are legal documents whose purpose is to protect the assets of soon-to-be-married or married individuals against an event that will hopefully never take place, which is divorce. These agreements are created on the basis of fairness, as each party must agree on the assets' division before posing their signature. It's precisely because of this fairness aspect that these documents sometimes pose challenges that are hard to overcome without the involvement of a judge when two married individuals are seeking to part ways from a legal standpoint. This article discusses why you must have your prenup reviewed on a periodical basis.
The prenuptial agreement cannot always be enforced
One of the limits of prenups is that, when created, they only take into account the characteristics of the marriage that prevail at that time. For instance, if a couple signs a prenup today with each spouse bringing a car into the marital union, any property that is acquired afterwards won't be covered under the initial legal agreement. This is the same thing as stating that prenuptial agreements don't take into account the evolution of the marriage, which is why they cannot always be enforced.
Consider, for example, a marriage in which the husband asks his wife to quit her job so she may take care of their kid. If the husband purchases a new house during that period, he won't be able to request that the prenup be enforced for the simple reason that his wife couldn't have supported herself financially without her husband's assistance.
Periodical reviews allow to update the prenup
Unless a prenuptial agreement reflects the most recent changes that have occurred in a marital union, it will most likely be declared void during a legal dispute opposing a married couple. Changes that should prompt such a review include, but aren't limited to,
- Birth of children
- Acquisition of new assets
What is also important to note is that many couples prefer not to apply any changes to their original prenup because they don't want to envision the eventuality that their marital union will end. Yet, when their fear turns into reality, they realize that they should have made the proper adjustments when they had the chance.
If you have signed a prenuptial agreement with your spouse, then it's important that you have it reviewed if your marriage has progressed in any way. Contact a local family lawyer today to find out how they can help protect your assets. For more information, speak with a professional such as Stephen J Weisbrod Esq Law.