The Bare-Bones Basics of a Prenuptual Agreement
Generally, a premarital or prenuptial agreement in enforceable in the state of Georgia, unless the agreement was executed under duress, the agreement is extremely unfair, and there was no complete financial disclosure. Accordingly, it is wise to retain a lawyer with family law experience to ensure that all of the I’s have been dotted and all of the T’s have been crossed, so that if necessary, in the future, the agreement will be worth more than the paper it’s written on.
Disclosure. Probably the single, most important aspect of the prenuptial agreement regarding its future enforceability in the event of divorce, is the disclosure of premarital assets and liabilities of the parties. One of the best methods of disclosure is to attach and incorporate separate schedules or net worth statements for each party to the prenuptial agreement. Each party's net worth statement should include in great detail the character, amount and value of each asset and liability. Disclosure bears on the other party's decision as to whether the agreement is fair and should be entered into. If, at a later date, a court determines that the financial disclosure was inaccurate or under-inclusive, the agreement may not be enforceable. Therefore, it is extremely important to be complete and accurate in the financial disclosure.
Timing. Agreements executed in haste or shortly before the wedding are suspect and may not be enforceable in the future. Both parties must have plenty of time to obtain counsel, verify the financial disclosure and negotiate more favorable terms.
Representation. Generally, independent representation is not a prerequisite to finalizing and enforceable agreement. However, a party not represented by an attorney may be more successful in alleging fraud, duress, misrepresentation, unknowing waiver, etc., than a party represented by an attorney.