How enforceable are prenuptial and postnuptial agreements in Kentucky? Prenuptial and Postnuptial agreements are a good strategy to protect assets and establish reasonable agreements in the event a marriage ends in divorce. The principal reason to have a prenuptial agreement is to protect established intellectual property, a business, intellectual property, or substantial wealth when contemplating a marriage. Any asset that is owned or acquired before the date of the marriage is considered to be a “separate” asset for the owner in the event of property division in a divorce.
Important Takeaways to Help Answer the Question: “How enforceable are prenuptial and postnuptial agreements in Kentucky?”
- Prenuptial and postnuptial agreements are absolutely enforceable in Kentucky.
- A “prenuptial” agreement is an agreement of the parties before marriage. A “postnuptial” agreement is a contract between spouses after the date of the marriage and before any divorce.
- These are common when either party has substantial assets or intellectual property before a marriage. They are also important when dealing with issues that arise as one approaches a divorce, such as maintenance, ownership of business interests, or retirement assets.
What Are the Most Common Reasons for a Prenuptial or Postnuptial Agreement?
What are the most common reasons for a prenuptial or postnuptial agreement, and how enforceable are prenuptial and postnuptial agreements in Kentucky? A prenuptial agreement can help to protect the status of money, intellectual property, and other assets while establishing reasonable agreements in advance regarding issues such as maintenance. Another common use of a prenuptial agreement is to protect assets and wishes regarding existing children when you are entering a blended family.
A postnuptial agreement is established between two people who are already married and wish to memorialize an agreement regarding an issue or asset(s). Postnuptial agreements often help to protect interests in a business or medical practice, stock options, child custody and visitation, or even the amount of financial support during and after a contemplated divorce, such as maintenance or spousal support.
Prenuptial and postnuptial agreements have developed a bad reputation due to sensational media reports, as well as television and movie dramas. When they are seriously considered and openly discussed between the parties, prenuptial and postnuptial agreements can strengthen a relationship while protecting substantial interests. The key to enforceability for these marital agreements is a carefully crafted agreement that captures the understandings between the parties without creating unreasonable terms or pressure to initiate the agreement. Any symptom of pressure or coercion provides a path for the agreement to be overturned. Additionally, failing to disclose assets or relevant information related to the agreement, engaging in fraud, or making false promises can also impact the enforceability of the agreement.
Fairness is a significant factor that can impact how enforceable are prenuptial and postnuptial agreements in Kentucky. If the agreement is completely one-sided or unreasonable, a Judge is likely to strike a portion or all of the terms of the contract.
Contact Experienced Louisville Family Law Attorneys at Dodd & Dodd for Questions Regarding a Prenuptial or Postnuptial Agreement
How enforceable are prenuptial and postnuptial agreements in Kentucky? Well-crafted prenuptial and postnuptial agreements are quite enforceable in the Commonwealth of Kentucky, helping to establish clear expectations between parties before or after marriage, while protecting valuable assets and interests. Prenups and postnups (as they are often referred to) can be modified at any point in the future, and frequently contain terms known as “sunset clauses” that expire after a specific date or event has occurred (such as “after 5 years of marriage”), or suspended altogether based upon agreement between the parties.
We invite you to review the strong recommendations of our former clients and the legal industry and contact Dodd & Dodd or call 502-584-1108 to schedule an appointment with one of our attorneys.
