In 2015, 14,986 couples filed for divorce in the state of Wisconsin — that’s one divorce for each 2.2 marriages that took place that same year. Many people believe that prenuptial agreements only make sense for the wealthy, but that’s not the case. A marriage is technically a civil contract and a prenuptial agreement can protect you in the event of separation, divorce or death. In short, a prenuptial agreement is a contract between two people that outlines how a couple’s property (land, vehicles, properties, retirement accounts, personal assets) will be distributed if the marriage ends or upon the death of one of the spouses (if the deceased spouse did not have a valid will). The agreement can address maintenance (alimony) and payment of debts. Prenuptial agreements are designed to protect both parties and, in the event a divorce is filed, can save both parties from accruing high divorce attorney fees.
While you can include provisions about child support or custody in a prenuptial agreement, please note that those provisions will not be enforced by a court of law if the parties disagree about the provisions upon divorcing. The judge will disregard those provisions and make child custody or child support decisions based upon the best interests of the child(ren). If, upon divorce, both parties agree about the child custody and support provisions of the prenuptial agreement, they can then deviate from statutory support amounts.
It is recommended that both parties have a family law attorney assist them with the process. In Wisconsin, prenuptial agreements must follow the Uniform Premarital Agreement Act. The prenuptial agreement must be a written document, both parties must voluntarily sign it, the document must be notarized, it must be a fair agreement at the time it is signed and at the time of divorce. It requires full disclosure of property, liabilities, income and expenses.
So, when should someone consider drafting a prenuptial agreement? If one (or both) of the parties:
- Has a large amount of debt
- Is remarrying
- Has children from a previous relationship
- Is wealthier than the other
- Owns property or investments
Can you change the prenuptial agreement after the marriage? Yes, you can. Amendments can be made and the new agreement (called a postnuptial agreement).
