Prenuptial Agreement Definition

A prenuptial agreement is a written contract created by two people before they are married. A prenuptial agreement typically lists all of the property each person owns and specifies what each person's property rights will be after the marriage.

Do You Need A Prenuptial Agreement in Oklahoma?

You should consider executing a prenuptial agreement if you fall into any of the following categories:

You want to protect individual assets such as a home, stocks or retirement savings

You are a business owner

You are entitled to receive an inheritance in the future

You want to protect the rights of your children from a previous marriage

There is a substantial disparity in wealth between the parties

There will be forthcoming support requirements for one party

You need to protect the rights of family members who need special care and expenses to cover said care

You are pursuing a license or degree that will lead to a substantial amount of income

Criteria for a Valid Prenuptial Agreement

In order to be valid, an agreement must not be the result of fraud and fall in line with other contractual requirements in Oklahoma. A prenuptial agreement is likely to be invalid on the basis of fraud if one person deliberately misstates his or her financial condition.

Pro’s and Con’s of Prenuptial Agreements

Here are some of the pro’s and con’s of prenuptial agreements, so you can be better prepared as to what to expect.

Pro’s of a prenuptial agreement:

Protect your individual property

Protect your estate plan

Clearly define property that is considered marital property vs. community property

Expedite a divorce should one be necessary

Con’s of a prenuptial agreement:

It could create tension between the parties It may not be necessary if Oklahoma laws would otherwise protect your interests without a prenuptial agreement

Other Prenuptial Agreement Topics

Below are other issues that could also be included in a prenuptial agreement in Oklahoma:

How to handle a separate business

Estate planning issues, such as providing for children from prior marriages or leaving family property

Separate vs. joint property

Non-responsibility for the other person's debts

Procedures for filing tax returns, including allocating income and deductions

Who pays household bills -- and how