Some divorces are very simple, especially when both parties want to call it quits and they have few assets between them. However, when the marital estate is significant, there can be considerable disputes over who is entitled to what as the marriage dissolves.
Many of these marriages are controlled by prenuptial agreements, which are pre-marital contracts that set forth how marital assets are to be divided in the event of divorce. While Ohio family courts commonly recognize these agreements (even when challenged) there are a number of things that divorcees should look out for. This post will identify these potential pitfalls.
How old is the prenup – The age of the prenuptial agreement could be a factor in how it is interpreted. This is especially important if it was drafted when both parties were young and had equal earning capacity. Conversely, if it was a contract made when the earning power (and assets) were considerably unequal, this is an important consideration as well.
Were all assets disclosed – One of the principal considerations of prenuptial agreements is that all assets were properly disclosed at the time the prenup was signed. If it is found that certain assets were concealed, the prenup could be invalidated.
Whose income and assets are protected – Courts can be skeptical about one-sided agreements that significantly protect one party’s income and assets, especially when a long marriage results in one party making a great deal of money while the other party raised children.
If you have questions or concerns about how your prenuptial agreement will be enforced, an experienced attorney can help.
Source: NY Times.com, From a Prominent Divorce in the Affluent Class, Lessons for All, August 9, 2013