Prenuptial Agreements: Why You Should Consider One Before Marriage
Marriage is often viewed through a romantic lens: a union of two people deeply in love, ready to spend their lives together. However, marriage is also a legal contract with significant financial and personal consequences.
In Missouri, as in many other states, couples have the option to clarify their financial rights and responsibilities before they marry by entering into a prenuptial agreement, or “prenup.” This document can provide peace of mind, protect assets, and simplify future financial dealings. Yet despite its benefits, many people hesitate to pursue one, fearing it signals distrust or pessimism.
Reviewing the considerations of prenuptial agreements is crucial in securing your asset protection in the event of a divorce.
At Talbert Law LLC in Kansas City, Missouri, we’re dedicated to protecting you and your assets. Here, we’ll take a look at the nature of prenuptial agreements in Missouri and why getting one is a wise choice.
Prenuptial Agreement Basics
A prenuptial agreement is a contract created by two people before they’re married. It typically outlines the ownership of their respective assets and how those assets will be divided in the event of divorce or death. Prenuptial agreements can also address issues such as spousal support, the division of debts, and the treatment of future income or inheritances.
Missouri courts generally uphold prenuptial agreements as long as they meet certain standards: they must be entered into voluntarily, without duress or coercion, and with full disclosure of assets. They must also be conscionable — meaning not grossly unfair at the time they’re executed or at the time they’re enforced.
Requirements for a Valid Prenuptial Agreement in Missouri
To make sure that a prenuptial agreement will be enforceable in Missouri, several requirements must be met:
Voluntariness: Each party must enter into the agreement willingly. If one party can prove that they were pressured into signing the agreement under duress or coercion, a court may invalidate it.
Full disclosure: Each party must fully and honestly disclose their financial situation, including income, assets, debts, and liabilities. Failure to disclose material information can lead to the agreement being set aside.
Fairness: While a prenuptial agreement does not have to be perfectly balanced, it cannot be grossly unfair to one party. Courts may invalidate unconscionable agreements.
Written and signed: Oral prenuptial agreements are not enforceable in Missouri. The agreement must be in writing and signed by both parties.
Independent legal advice: While not strictly required, each party should have their own attorney review the agreement. This helps to demonstrate that both parties understood the agreement and entered into it voluntarily.
Execution timing: Ideally, a prenuptial agreement should be signed well before the wedding. Last-minute agreements may be suspect and more vulnerable to claims of duress.
Overall, these requirements help confirm that a prenuptial agreement is a fair and informed decision, safeguarding the interests of both parties involved.
Common Provisions in Missouri Prenuptial Agreements
Prenuptial agreements can cover a wide range of financial and personal topics, including:
Asset protection: Defining which assets are separate property and which are marital property.
Debt allocation: Assigning responsibility for debts incurred before and during the marriage.
Spousal support: Establishing whether either party will receive alimony in the event of divorce, and if so, how much.
Inheritance rights: Protecting the inheritance rights of children from previous relationships.
Business interests: Safeguarding a family business or professional practice.
Income: Determining whether income earned during the marriage remains separate or becomes marital property.
Division of property: Pre-establishing how property will be divided if the marriage ends.
It’s important to note that prenuptial agreements in Missouri cannot predetermine child custody or child support arrangements, as those decisions must be made based on the best interests of the child at the time of divorce.
Why You Should Get a Prenuptial Agreement
While prenuptial agreements are often associated with wealthy individuals or celebrities, they can benefit couples of all income levels. Here are several compelling reasons to consider a prenup:
Protection of Separate Property
If you enter into a marriage with significant assets — whether it’s real estate, retirement accounts, investments, or family heirlooms — a prenuptial agreement can help make sure that these assets remain your separate property. In Missouri, without a prenup, assets acquired before the marriage can become co-mingled and treated as marital property subject to division upon divorce. A prenuptial agreement provides clarity and protection.
Debt Protection
Marriage not only joins assets but also liabilities. If one spouse brings substantial debt into the marriage, such as student loans, business debt, or credit card balances, a prenuptial agreement can specify that those debts remain the responsibility of the spouse who incurred them. This can prevent one spouse from being saddled with the other's financial burdens if the marriage ends.
Simplifying Divorce Proceedings
Divorce can be emotionally and financially draining. A prenuptial agreement can greatly simplify the divorce process by predetermining how assets and debts will be divided. This can save time, money, and emotional stress, allowing both parties to move forward more quickly.
Providing for Children from Previous Relationships
If either party has children from a prior relationship, a prenuptial agreement can protect their inheritance rights. Without a prenup, a surviving spouse might claim a large portion of the estate, potentially disinheriting children from previous relationships. A prenuptial agreement can safeguard these children’s interests.
Encouraging Financial Transparency
Creating a prenuptial agreement requires both parties to fully disclose their financial situations. This process fosters open and honest communication about finances, which is crucial for a healthy marriage. Discussing money matters before marriage can help couples avoid misunderstandings and resentment later on.
Protecting Business Interests
If you own a business or professional practice, a prenuptial agreement can prevent your spouse from acquiring an interest in the business in the event of divorce. This protection is vital for business continuity and for the financial security of business partners or employees.
Preserving Family Wealth
In families with generational wealth, such as family businesses, farms, or trusts, a prenuptial agreement can confirm that assets stay within the family. This can prevent a spouse from claiming a portion of family wealth that was never intended to leave the bloodline.
Customizing Financial Arrangements
Prenuptial agreements allow couples to create financial arrangements that suit their unique circumstances, rather than being subject to default state laws. This flexibility empowers couples to tailor solutions that work best for them.
Reducing Litigation Costs
In the absence of a prenuptial agreement, divorces often involve costly litigation over asset division, alimony, and debt allocation. A well-drafted prenup can significantly reduce these expenses by providing clear guidelines, making the separation process smoother and less adversarial.
Providing Peace of Mind
Finally, a prenuptial agreement can provide peace of mind. Knowing that you have addressed potential financial issues before marriage can allow both parties to focus on building a life together, free from fear of future uncertainty.
A prenuptial agreement can be a valuable tool for couples entering into marriage, offering a multitude of benefits that extend beyond asset protection. By promoting financial transparency, simplifying potential divorce proceedings, and safeguarding individual and family interests, a prenup can foster a healthier and more secure foundation for a marriage.
Steps to Creating a Strong Prenuptial Agreement in Missouri
If you decide to pursue a prenuptial agreement in Missouri, it’s important to do it right. Here’s how:
Start early: Don’t wait until the last minute. Begin the process several months before the wedding.
Hire separate attorneys: Each party should have their own legal counsel to assure that their interests are fully protected.
Fully disclose financials: Both parties must disclose all assets, liabilities, and income.
Be fair: Avoid overly one-sided agreements that could be challenged later.
Plan for updates: Consider revisiting and updating your agreement periodically, especially after significant life changes like the birth of a child or a major financial event.
Document the process: Keep records showing that both parties entered the agreement voluntarily and with full understanding.
Prenuptial agreements are powerful tools for protecting your assets, clarifying financial expectations, and promoting honesty and transparency in marriage. Rather than undermining a relationship, a prenuptial agreement can strengthen it by encouraging essential conversations and assuring that both partners enter marriage with clear eyes and mutual respect.
Whether you’re bringing significant assets into the marriage, have children from a previous relationship, own a business, or simply want to set clear financial boundaries, a prenuptial agreement can provide essential protections. It’s an act not of distrust, but of foresight, maturity, and love, offering both partners the security they need to build a future together.
Contact Us Today
If you’re considering marriage in Missouri, taking the time to thoughtfully consider and craft a prenuptial agreement may be one of the wisest decisions you can make. I, Attorney Will Talbert, am here to discuss why a prenuptial agreement can help protect you in the event of a divorce. We serve clients in Clay County and Jackson County in Missouri and Johnson County in Kansas. Contact us today for a consultation.
