For the State of Georgia
When considering marital agreements, many individuals wonder, “What does a fair prenup look like?”
While the specifics of a “fair” prenup will vary depending on each individual couple, there are a few items that would be considered fair across the board in Georgia: full disclosure of all assets and debts, both parties have enough time to consult with their own attorneys about the details of the agreement, and both parties fully and voluntarily agree to the terms of the prenup.
Let’s take a closer look at fair versus unfair prenups in Georgia.
How Do You Know if a Prenup is Fair?
To discern if a prenuptial agreement is fair, both parties must fully disclose their assets and liabilities.
Each party should also have independent legal counsel to ensure their interests are protected.
The agreement should be conscionable, meaning it shouldn’t leave one party destitute while the other becomes disproportionately wealthy.
Also, it should be signed well in advance of the wedding, to make sure both parties have enough time to back out, if they so desire, without feeling the pressure of an upcoming wedding.
What is an Unfair Prenup?
An unfair prenup is one that doesn’t adhere to the principles of full disclosure, independent counsel, and conscionability.
It may also include provisions that limit child support or custody rights, which are generally unenforceable in Georgia.
So if you lie about your assets or debts, then it’s an unfair prenup. Or if your spouse-to-be is the only one with an attorney, it could be an unfair prenup.
When in doubt, make sure you talk to your own attorney before drafting or signing any premarital agreements.
What is a Fair Prenup?
A fair prenup is a balanced agreement that protects the financial interests of both parties.
It includes clear delineations of separate and marital property, provisions for spousal support, and plans for asset division in the event of divorce.
Also, it’s something you can sleep with at night.
Don’t agree to something you’re not 100% comfortable with.
Asking for a Prenup
Initiating a conversation about a prenuptial agreement can be sensitive.
It’s crucial to approach the topic with respect and openness, emphasizing the protection and clarity it offers to both parties.
Let’s take a look at what women and men might want to ask for in a Georgia prenup.
What Should a Woman Ask for in a Prenup?
Women should ensure that their prenup provides for financial security, protection of separate assets, and fair division of marital property.
If planning to pause their career for family reasons, they may also wish to discuss potential spousal support.
This will help, should anything happen to the spouse-to-be, whether injury, death, or divorce, with moving on in her life, past any of these life-changing events.
What Should a Man Ask for in a Prenup?
Men should focus on similar issues, including protection of separate assets and fair division of marital property.
If they have significant pre-marital assets or business interests, these should be clearly defined in the agreement.
It’s important to consult with a local family law attorney if you’re in doubt about what to ask for in a prenup.
Prenup Tips for Georgia Residents
When drafting a prenup, ensure full transparency and honesty about your financial situation.
Seek independent legal advice (meaning you both have your own separate lawyers), avoid pressuring your partner into signing anything, and make sure the agreement is signed well before the wedding to avoid claims of duress.
Prenup Red Flags in Georgia
Watch out for prenups that seem one-sided, contain false information, or limit child support or custody rights.
If you’re pressured into signing without legal counsel, it’s a major red flag.
Always consult with an attorney before signing any legal document, including a prenuptial agreement.
A fair prenup is one that respects the rights and interests of both parties, adheres to the principles of transparency and conscionability, and complies with Georgia law.
If you’d like to find out more, give us a call at Your Law Firm to get the conversation started.