Henderson Attorney Helps Couples Establish Premarital Agreements
Law firm crafts prenups that stand up under Tennessee law
A premarital agreement is a contract between parties who intend to marry. Also known as a prenuptial agreement, or a prenup for short, it describes how property and income will be owned and managed during the marriage and divided in case of a divorce. It can also be an estate planning tool, defining how property will be distributed upon a spouse's death. At Parham Estate Law in Memphis and Henderson, Tennessee, I help soon-to-be spouses in Shelby and Madison counties set up valid agreements. I can advise on whether a prenup would benefit you and create one that meets all legal requirements.
Determining if a premarital agreement is right for you
Sometimes people feel that establishing a prenuptial agreement is like planning for the marriage to fail. But in fact, the opposite is true. A prenup requires couples to talk transparently about financial issues and concerns, which can strengthen trust and reduce disputes over money and property in the long term. Prenups can be especially beneficial in the following circumstances:
- One or both parties have children from a prior relationship they wish to financially protect.
- It is a second or subsequent marriage for one or both people.
- A party owns a business prior to the marriage.
- One of the parties will bring a great deal of wealth to the union.
- One or both people has valuable property or assets.
- One of the parties has a lot of debt that the other one does not want to be liable for.
If divorce does happen, a premarital agreement can pre-decide whether or not alimony will be paid, who will keep the family home and other property division questions. Once I understand your unique circumstances, I can advise on how to craft a prenuptial agreement that would be advantageous to you.
What are the requirements for a prenuptial agreement?
Under Tennessee law, a prenup must meet the following conditions:
- It must be in writing.
- It must be signed by both parties.
- Both parties must fully disclose their assets and debts.
- Both parties must enter the agreement freely, knowledgeably and in good faith without duress, coercion or undue influence.
The fourth condition is scrutinized by a divorce court to make sure the prenup is not unconscionable, meaning that it would not heavily favor one spouse over the other. For example, enforcement of the agreement would be unconscionable if it would likely result in one spouse being unable to provide for his or her reasonable needs and ending up as a public charge.
Total disclosure of assets and liabilities is crucial to making a prenup enforceable
When negotiating a prenup with your soon-to-be spouse, you must be completely honest and upfront not only about your assets but also about your liabilities. Should you file for divorce in the future and it is discovered that you or your spouse were hiding assets or debts before the marriage, a judge might decline to enforce the agreement. I can help you prepare a disclosure statement that fully and accurately describes your financial situation.
Is a lawyer required for a prenuptial agreement?
Although it is possible to write a do-it-yourself prenup, there is a high risk that the agreement will be flawed and disadvantageous to you. Both parties should have their own attorney to safeguard their respective rights and interests. Should a divorce come about, either spouse's lack of an attorney in negotiating the prenup could be seen as by the court as a troublesome issue.
Contact an experienced attorney in Tennessee for help with your premarital agreement
At Parham Estate Law in Memphis and Henderson, Tennessee I counsel fiances about setting up fair and enforceable premarital agreements. To schedule free initial consultation, please call 901-602-3361 or contact me online.
