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    What is a Premarital Agreement?

    A premarital agreement is a written contract entered into by a couple before marriage or a civil union and is a part of Georgia separation laws. It enables them to select and control many of the legal rights they acquire upon marrying and dictates what happens when their marriage ends by divorce. These agreements typically list the property each person owns, and the debts they owe, and spell out each person’s property rights during the marriage and in the event of divorce. They can also affirm, modify, or waive a marital right or obligation during the marriage, at separation, marital dissolution, or other events.

    Purpose and Function of Premarital Agreement

    Premarital agreements serve several key functions and purposes in modern relationships. These legal contracts are created by couples before they enter into marriage and are primarily designed to manage and clarify financial aspects and responsibilities within the marriage and in case of separation or divorce.

    Division of Assets and Property

    The primary function of premarital agreements is to outline the division of assets and property in the event of a divorce or separation. This includes detailing how property acquired before and during the marriage will be handled, ensuring that personal assets and income remain separate if desired, and protecting individual property rights​​​​.

    Debt Management

    Along with assets and property, these agreements also address the division of debts. This can be particularly important in ensuring that individuals are not unfairly burdened with debts accrued by their partner either before or during the marriage. It ensures that financial responsibilities are clearly defined and agreed upon by both parties.

    Spousal Support

    Premarital agreements often include provisions for spousal support or alimony. These stipulations can vary widely depending on the couple’s preferences and circumstances, providing a predetermined framework for support if the marriage ends.

    Protection of Individual Interests

    Beyond financial assets and liabilities, premarital agreements can also serve to protect individual interests and investments. This might include safeguarding a family business, securing personal investments, or managing financial risks associated with career choices. It’s a means for individuals to protect their financial interests and properties​​​​.

    Legal Requirements and Enforceability of Premarital Agreements

    Premarital agreements must adhere to specific legal criteria to be enforceable. These criteria include full financial disclosure, sufficient preparation time, and obtaining independent legal counsel.

    Full Financial Disclosure

    Both parties are required to provide fair and complete financial disclosure, detailing their assets and liabilities. This transparency is crucial to prevent claims of unconscionability, where an agreement is deemed unfair or oppressive. Some jurisdictions might allow waivers for these disclosures, but typically, full and accurate mutual financial disclosures are considered essential to uphold the agreement’s validity.

    Sufficient Time for Preparation and Execution

    The agreement should be prepared and executed without coercion or duress. Factors like the time available for reviewing and understanding the agreement, the educational background and comprehension ability of the parties, and the presence of legal representation are vital. The agreement should be negotiated well before the marriage ceremony, providing enough time for both parties to fully grasp its terms and request any revisions.

    Independent Legal Counsel

    Having independent legal counsel for each party is crucial, especially when important legal rights are being waived. This ensures that each party fully understands the agreement and acknowledges it.

    Secure Your Future With FBA Law

    Understanding the intricacies of premarital agreements is crucial for protecting your rights and securing your future. FBA Law also offers expert guidance and legal services encompassing parental alienation, custody, and divorce. We encourage you to explore our comprehensive resources and personalized legal solutions. Reach out to FBA Law today to learn more about how we can assist you in drafting a premarital agreement that aligns with your unique circumstances and future goals. Take the first step towards safeguarding your financial and personal interests today by reaching out to our experienced legal team.