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The Importance of Full Financial Disclosure in Prenuptial Agreements

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Many couples decide to create a prenuptial agreement before their marriage. This ensures that their assets are protected in the event of a divorce. But, there are certain steps you must take to ensure that your prenuptial agreement is valid and can be enforced in the event of a divorce. Read on to learn more about creating a valid prenup and the importance of full financial disclosure.

What is a Prenuptial Agreement?

Some couples shy away from a prenuptial agreement because of the negative implications associated with it. A prenuptial agreement is a legal document that determines how to divide a couple’s assets in the event of a divorce. A prenuptial agreement is usually created by couples who have a business, or when there is a large discrepancy between the assets of both parties. It is important to note that a prenuptial agreement in no way implies a future divorce, and instead just helps couples prepare for all possible outcomes.

Full Financial Disclosure

If you fail to provide full financial disclosure when creating your prenuptial agreement, the agreement may be invalid in the eyes of the law. This could cause a large number of problems down the line. When a couple decides to get a divorce, there are many different matters to resolve. These matters often include alimony, child support, division of assets, and so on. There are multiple ways to decide upon these matters. Some couples turn to mediation, in which a neutral third party helps the couple work through their divorce in a way that is fair to both parties. Other couples turn to litigation. This involves taking your court to trial and having a judge rule on the matters of your divorce. Litigation can be a long, expensive, and emotionally draining process. If you have a prenuptial agreement, many of these matters will already be determined. A prenuptial agreement may shorten or even prevent litigation from occurring. But, if you do not disclose all of your assets, your prenuptial agreement may be found invalid. This could have serious consequences. For example, failing to disclose all of your assets may lead to a long process of litigation with your spouse and may even be considered a fraudulent act. 

If you are interested in creating a prenuptial agreement, contact our firm today. Additionally, if you are already married but would like to create an agreement to protect your assets, reach out for help creating a postnuptial agreement.

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If you require experienced legal representation for a matter of Family Law, Supplemental Security Income, Medical Malpractice, Social Security Disability, or Legal Malpractice, Siragusa Law Firm is here to help. Contact our firm today to schedule a consultation so we can discuss your case.

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