Cleveland Prenuptial Agreement Lawyers
Building the Ideal Prenuptial Agreement
Recent studies have found that millennials obtain prenuptial agreements more than any previous generation—and for good reason. Although they suffer from negative publicity, a prenuptial agreement can help you forge a stronger bond with your spouse and protect your assets in the event you eventually file for a divorce.
At Laubacher & Co., we will work with you and your partner's legal counsel to draft a comprehensive prenup you know you can rely on.
What Is A Prenuptial Agreement?
According to Ohio law, a prenuptial agreement, also known as an antenuptial agreement, is defined as "a contract entered into between a man and a woman in contemplation, and in consideration, of their future marriage whereby the property rights and economic interests of either the prospective wife or husbands or both, are determined and set of forth in such instrument."
Prenuptial agreements may contain provisions dealing with some or all of a spouse's assets and property. These agreements commonly include provisions concerning:
- Status of property and payments for sustenance upon the death of one of the spouses;
- Distribution of property and the upkeep or maintenance of one or other of the spouses upon separation or divorce;
- Whether the spouses want to keep their financial accounts separate;
- How (and if) separate assets that may be shared by both partners at some point (such as a home purchased in one person’s name or a business both spouses become involved with) would be qualified during property division;
- How the spouses intend to handle any debts they own, and;
- Any combination of the previous concerns.
Prenuptial agreements are beneficial because they can provide a quick resolution to property division if a marriage ends in divorce or dissolution. Furthermore, prenuptial agreements can help couples deal with critical financial issues before they enter into marriage.
What Makes a Prenup Legally Enforceable?
Prenuptial agreements are conducive to marital tranquility and promoting public policy. For a prenuptial agreement to be enforceable in Ohio, there must be full disclosure of the couple's assets, and there must be now no showing of fraud, duress, or undue influence in the procurement of the agreement.
Notably, while prenuptial agreements are not per se against public policy, courts still have the power to invalidate a prenuptial agreement. Generally, a prenuptial agreement will be upheld if it meets the following conditions:
- Entered into freely without fraud, duress, coercion, or overreaching;
- Full disclosure, or complete knowledge, and understanding, of the nature, value, and extent of the prospective spouse's property, and;
- The terms do not promote or encourage divorce or profiteering by divorce.
Whether or not a court will uphold a prenuptial agreement is a fact-sensitive inquiry that will depend on each case's circumstances. An experienced prenuptial agreement attorney can draft an agreement subject to even the most exacting court review to avoid the uncertainty of whether a prenuptial agreement will be maintained.
At Laubacher & Co., we will work with you closely to ensure your prenup is legally sound and supports your best interests in the long and short term.