Prenuptial agreements are contracts couples enter into before marriage to outline the division of assets and financial responsibilities in the event of a divorce. These serve as a tool for couples to establish clear financial expectations and protections.
In Kentucky, a prenuptial agreement must be fair and transparent and entered into voluntarily by both parties.
Sufficient time for review
Kentucky law emphasizes the importance of both parties having sufficient time to review and understand the prenuptial agreement. It is recommended that the agreement be presented well in advance of the wedding, ideally several months before. This allows both parties time to consult with their respective attorneys, ensuring they fully comprehend the terms and implications of the agreement.
Limitations on child custody and support
Prenuptial agreements in Kentucky can’t predetermine child custody or child support matters. These issues are determined based on the child’s best interests at the time of divorce, not pre-set by an agreement. The court retains the authority to make decisions regarding child custody and support, ensuring that the child’s welfare is the primary consideration.
Disclosure of assets and liabilities
For a prenuptial agreement to be enforceable in Kentucky, both parties must fully and fairly disclose all assets and liabilities. This transparency is crucial as it ensures that both parties make informed decisions. Any concealment of assets or liabilities can challenge and invalidate the agreement.
Each party should have independent legal representation when drafting and reviewing a prenuptial agreement. This helps ensure that the interests of both parties are adequately represented and that the deal complies with Kentucky law. Legal counsel can also provide valuable guidance on the implications and enforceability of the agreement’s terms.