Louisville Prenuptial Agreement Lawyer
Often seen as unromantic, Prenuptial Agreements (or Antenuptial Agreements) are a useful tool in some circumstances when you are about to enter into a marriage. First, some history…
Prenuptial Agreements were unlawful
Contracts in contemplation of marriage have been in existence for quite some time. In Louisville, there is a long history of such agreements being enforced when death is the terminating event of a marriage. However, when prenuptial agreements contemplating the termination of a marriage by divorce were presented to the Court, they were struck down as against public policy.
Gentry and Edwardson make Louisville Prenuptial Agreements enforceable
In 1990, the Supreme Court for Kentucky issued two (2) Opinions, which, for the first time, held enforceable contracts which contemplated a dissolution of marriage. The Supreme Court pointed out that, in 1972, the Kentucky General Assembly enacted KRS 403.180 which authorized settlements to promote the amicable resolution of divorces. Since then, neither the Courts nor the General Assembly have reversed course.
The basic rules are still the same
The Rules set out by the Court in Edwardson are still true today. First, the Agreement must have full disclosure of assets and liabilities (and, best practice, income and expenses). There may be no material omission or fraud on the part of either party. Second, the Agreement must not be unconscionable when it is enforced. An unconscionable agreement is one that is manifestly unfair and unjust. Third, the Agreement may not resolve issues of child custody, visitation or support, but may resolve questions of the disposition of property and spousal support. Fourth, the Agreement does not affect restoration of nonmarital property unless the parties specifically agree.
A marriage is a financial partnership as much as it is anything else. If you have a family owned business, your family may not want your marriage (or dissolution of marriage) to interrupt the function of that business. If you have children from a prior relationship, you may want to protect those children in the event that you predecease your spouse. If you are a high earner, or have earnings which fluctuate, you may want to protect your future earnings by agreeing on what support might be in the event that you divorce. Those, and others, are good reasons to consult a Kentucky Prenuptial Agreement Lawyer. Also, please feel free to learn more at jrlloydlaw.com or thelouisvilledivorceattorney.com or thelouisvilledivorcelawyer.com if you are not ready to talk. Thanks for reading.