There is zero correlation between a person’s credit score and their involvement in a premarital agreement, be it individually or as a couple.
The purpose of a Prenuptial Agreement is to make provisions for the retention or division of property upon the filing of a divorce.
The divorce proceeding itself is the only time that the terms of the ‘prenup’ are applied: when the parties separate and a divorce is pending.
If the terms contained within a Last Will and Testament and a Premarital Agreement contradict each other, the Probate Court judge assigned to your estate case would decide upon the appropriate application of the two documents as they relate to the distribution of your assets after death.
A Premarital Agreement (also called a prenuptial agreement or the common version “prenup”) is in essence a contract between two parties, the two spouses involved in the Agreement.
Future inheritances are not covered in Standard Legal’s Prenuptial Agreement legal forms software, and with good reason that is fairly common-sense.
If the soon-to-be husband and wife are concerned about their individual assets entering into the premarital agreement process — or even if they are uncomfortable having financial discussions directly — then the couple should choose to secure individual legal counsel and have the attorneys “negotiate” the document.
(Certainly the bar association would recommend this; that keeps the lawyers working!)
Like any other contract, the parties in a Premarital Agreement can mutually agree to terminate the agreement. But the terms cannot be nullified by just one of the parties to the contract without valid legal grounds.
A premarital agreement (often called a prenuptial agreement) must be created and signed prior to marriage to be effective. Depending upon the state in which you live, property may become marital property automatically upon marriage if no pre-nuptial agreement is signed prior to the marriage. Creating a premarital agreement after the fact does not void … Read more Can I Create a Premarital Agreement After I Marry?
Generally, a pre-nuptial agreement will not “protect” a future spouse from bad debts, as the premise is not correct. Debt incurred in one person’s name is that person’s debt alone. So regardless of the terms contained in a premarital agreement, the debts of one spouse do not become the debts of the married couple — … Read more Can I Use a Premarital Agreement to Protect My Future Spouse’s Credit Report from My Bad Debts?
In a Premarital Agreement, the parties can certainly provide income tax returns to each other as proof of income.
But better yet, they should provide full disclosure of ALL of their assets on a document like Standard Legal’s Premarital Agreement.