Prenuptial Agreements in MNby Chris Banas (Banas Family Law, P.A.)
Minnesota prenuptial agreements help encourage couples to plan their financial future.
Prenuptial agreements are especially important in cases where:
* You or your partner owns a business;
* One partner has significantly more assets than the other;
* One partner plans to be a stay-at-home mom/dad; and/or
* One partner is in debt.
Prenuptial agreements can address many issues, most commonly financial concerns. Minnesota couples can choose prenuptial mediation to help make the important decisions for their prenuptial agreement.
What Goes Into A Prenuptial Agreement?
Division of marital property can be arranged in the prenuptial agreement, which may include property and other assets.
Spousal support can also be agreed upon in a Minnesota prenuptial agreement. However, many people have reservations about this, because of the possibility that one partner might manipulate the other into an unfair deal. Adding spousal support to a prenuptial agreement can work given that both parties seek the counsel of their attorneys before making the final agreement.
Making these decisions when the relationship is healthy is usually a good idea. It prevents disputes and anger from affecting either partner’s decisions regarding money and assets.
For relationships in which one spouse is heavily in debt, a prenuptial agreement can help protect the other spouse from being responsible for repayment if the marriage ends.
What Can’t Be Addressed By A Prenuptial Agreement?
Decisions regarding child custody cannot be addressed in a Minnesota prenuptial agreement. Child custody decisions need to be in the best interests of the child.
Since it is impossible to predict how the parents’ lives will change and what the child’s needs will be in the future, child custody decisions must be made and approved at the time of divorce.
Courts also do not accept prenuptial agreement stipulations regarding child support payments.
Can Prenuptial Agreements Be Changed?
Minnesota prenuptial agreements provide legal protection and good guidelines for some aspects of a divorce, but they’re not written in stone. Prenuptial agreements can be modified if the couple chooses to do so.
Minnesota prenuptial agreements also cannot be unconscionable, which means that one partner cannot manipulate or convince the other to an agreement that is unfair. Minnesota law states that a prenuptial agreement must be fair and equitable both when it is signed and at the time of divorce.
If at the time of divorce, you find that your prenuptial agreement is unsuitable, you can contest it with the help of your St. Paul divorce attorney. To talk to an experienced St. Paul family attorney about creating a prenuptial agreement, Contact Banas Family Law today – 651-361-8109.