Did you know that Prenuptial Agreements were not enforced in Kentucky prior to 1990? The courts maintained that Prenuptial Agreements promoted divorce. Thankfully times have changed and prenuptial agreements are very common in today’s marriages. Once thought of as the “get out of jail free cards” of the married world, these commonplace agreements are used as baseline protection for people entering into matrimony.
What is a Prenuptial Agreement? A Prenuptial Agreement, also referred to as a premarital agreement or antenuptial agreement in Kentucky, is a contract between prospective spouses, signed prior to marriage, that determines how the couple’s assets and debts will divided upon divorce or death of a spouse. Premarital agreements become valid only after the couple is legally married.
Premarital agreements are especially common for people that have been previously married or are older and have more assets to protect. For instance, a premarital agreement can protect the inheritance rights of children, or if one of the spouses has a larger amount of debt, it can keep the debt free spouse from assuming those obligations. It can also protect financial interests and limit the amount of spousal support one would be responsible for.
On the other hand, one should also consider that starting a marriage with a contract that pertains to divorce or death can create a sense of “lack of trust”. That’s why you should consult an attorney before signing a premarital agreement.