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It typically lists each person's assets, debts, and outlines how they'll be handled should the couple divorce later on. Prenups can be a valuable financial tool. While they may be difficult to think about while planning a wedding, prenups can provide comfort in knowing you'll be protected.
Massachusetts courts employ a ?two-look? test when determining the enforceability of prenuptial agreements. In order to pass muster, the prenup must be ?fair and reasonable? when executed and remain ?fair and reasonable? at the time of divorce.
Signing the Prenuptial Agreement Typically, after we have all the information, an agreement takes two weeks to draft.
Prenuptial Agreements are two-sided contracts signed before a couple is married. It outlines each spouse's assets and debts, and expected future assets and debts, and how they will be managed if the partners choose to part ways, voluntarily or by death.
A prenup usually covers financial topics like property division, debt allocation, alimony (i.e., spousal support), and more. Prenups can also cover non-financial topics like pet ownership, confidentiality, infidelity, etc.
7 Things to Include in Your Prenuptial Agreement Premarital Assets. ... Premarital Debts. ... Spousal Support and Waiving the Right to Alimony. ... Financial Responsibilities. ... Provisions for Children from Previous Relationships. ... Business Earnings. ... Retirement Accounts.
One of the fundamental requirements for a valid prenuptial agreement in Massachusetts is that it is in writing. Prenuptial agreements must be in writing and notarized.
For example, let's say John (breadwinner) and Jennie (stay-at-home mom) have a prenup with a lump sum clause of $30,000. This means that, upon the marriage coming to an end, John must pay Jennie $30,000. Keep in mind this is not alimony; it's separate from that. You can have a lump sum clause and alimony.