Massachusetts Financial Statements For Prenuptial Agreements

Here are the top 10 reasons why a prenup could be invalid: There Isn't A Written Agreement: Premarital agreements are required to be in writing to be enforced. Not Correctly Executed: Each party is required to sign a premarital agreement prior to the wedding for the agreement to be deemed valid.

2. Prenups make you think less of your spouse. And at their root, prenups show a lack of commitment to the marriage and a lack of faith in the partnership.Ironically, the marriage becomes more concerned with money after a prenup than it would have been without the prenup.

According to Massachusetts law, prenuptial agreements, sometimes known as "premarital agreements" or "antenuptial agreements" are essentially contracts that the couple signs prior to getting married. The terms in the agreement are legally binding and can be executed if the marriage ends in divorce.

How Much Does a Prenup Cost? The creation of a prenuptial agreement can range in costs based on how simple or complicated the financial details are between you and your spouse. The costs can range from $1,500 up to $5,000, as this may also include attorney fees.

Do not estimate your monthly expenses. Make sure you account for all income. Report assets at their proper fair market value. Make sure all the assets and liabilities are accounted for. Update your financial statement.

One formality that many do not realize the importance of is a full and fair disclosure of assets and debts prior to the prenuptial agreement being signed. In other words, both parties are supposed to disclosure all the assets and debts that they are bringing into the marriage.

In the event of divorce, a prenup can protect a spouse from being liable for any debt the other spouse brought into the marriage.A prenup can also protect any income or assets you earn during the marriage, as well as unearned income from a bequest or a trust distribution.

A prenup cannot include child support or child custody issues.A court would never uphold a provision of a prenuptial agreement that dealt with child support, child custody, or visitation, because these are issues of public policy.

Under most circumstances, Massachusetts law requires that the courts enforce properly written and executed prenups upon the end of a marriage. And let's face it---all marriages end, either through death or divorce.whether either spouse will receive alimony if the marriage ends in divorce.