A premarital or prenuptial agreement is a contract entered into between two people intending to marry. These agreements allow couples to discuss and set forth their rights and obligations to each other, should their marriage end either in divorce or death. These agreements allow couples to decide in advance what would be fair and reasonable upon separation regarding their property and income and earnings during the marriage.
While some couples enter into premarital agreements due to one partner having significant wealth, that is not the only reason to obtain a premarital agreement. A premarital agreement can set forth agreements regarding:
- Disposition of assets and property, whether acquired before or during the marriage;
- The right and/or ability to manage or control certain property (i.e. selling, encumbering, etc.);
- The division of property upon divorce, separation, or death;
- Handling of income and earnings acquired during the marriage;
- Determinations regarding spousal support/alimony;
- Creation of certain estate planning tools (wills or trusts) to carry out the provisions of the agreement; and
- Other matters, including personal rights and obligations, not in violation of public policy or other Nebraska statutes.
Without a premarital agreement, the court will apply the laws of Nebraska regarding the dissolution of your marriage.
To be enforceable, the premarital agreement must be entered into voluntarily and the agreement must not be unconscionable (unreasonable). The agreement may be found unconscionable if full disclosure of assets was not provided.
At Koenig│Dunne, we counsel clients regarding the wide range of matters that may be addressed in a premarital agreement. Together, we help our clients navigate the process of establishing an agreement that best protects their interests and intentions. If you or your partner is considering entering into a premarital agreement, contact our office to schedule a consultation.