Prenuptial Agreements in Rhode Island - What Couples Need To Know
The term “prenup” might bring a negative image to mind. After all, it can seem like bad luck to plan for a divorce before even getting married. But plenty of couples can benefit from setting up a prenup. Prenups can offer peace of mind during your marriage and help you avoid a massive headache if your marriage suddenly ends. Prenups can even help you protect assets for your children, or stipulate what happens if you or your spouse were to die. Here Warwick divorce lawyer, Bryan Nappa, explains.
Keep reading to learn more about prenuptial agreements in Rhode Island and how you can get one.
What is a prenup?
A prenuptial agreement, or “prenup,” is an agreement between two future spouses that details what should happen in the event of a divorce. Put simply, a prenup defines what each person brings to the marriage and what each person would walk away with.
Without a prenup, things like property, asset, and debt division are left up to Rhode Island’s equitable division laws. Under equitable division, judges attempt to give each spouse a “fair share” of marital property - though there’s often leeway as to what a “fair share” looks like for individual couples. So, it can be a guessing game to determine how much of your joint property you’ll walk away with in a divorce.
A prenup allows you to decide how your property will be divided ahead of time. Instead of leaving the decision to a judge, you and your spouse have already laid it out on paper. This puts the decision back in your hands and streamlines the divorce process if your marriage ends.
What does a prenup do?
Rhode Island prenuptial agreements can cover almost anything related to finances or property. Here are some of the ways couples use prenups:
Protect assets - Prenups help to decide what you will get and can help you keep your property separate. For example, if you own a valuable car that you don’t want to become entangled in a divorce, you can stipulate that the car would stay with you if the marriage ends.
Protect inheritance - Using a prenup can help you protect certain assets or set aside an inheritance for your children. For example, if you have a college fund set aside for a child from a previous relationship, using a prenup can help prevent those funds from becoming entangled in the divorce.
Debt distribution - In addition to dividing assets like property and money, debts will also be distributed between both partners during a divorce. Using a prenup can detail how you’d like debts to be split and keep you from being subject to your partner’s creditors.
Death - The “trigger event” for a prenup is usually divorce. But you can also use a prenup to organize inheritance matters in case one spouse dies. For example, you can stipulate what assets or bank accounts the surviving spouse would have access to if one died.
Alimony or Spousal support - A prenup can stipulate the amount of alimony or spousal support, if any, one spouse could receive after a divorce. For example, if one spouse intends to quit their job and would have no source of income in the event of divorce, a prenup could stipulate the amount of spousal support they could receive.
A Rhode Island prenup attorney can help you determine what aspects would be best for a prenup and help you set it up.
Can a prenup include future assets?
To an extent, yes. For example, if you don’t currently have any major financial assets but expect to have them in the future, you can use a prenup to stipulate how those funds should be handled in the event of a divorce.
What doesn’t a prenup cover?
While prenups can be handy tools to streamline the divorce process, a prenup doesn’t cover every aspect of divorce.
Prenups can’t include any custody or child support decisions - those operate under a different set of laws in Rhode Island.
Prenups would not cover “lifestyle matters,” such as who will handle household chores or take children to school. Prenups are primarily financial tools.
Can a prenup be overturned?
Sometimes. Once a prenup is signed by both spouses and notarized by an attorney, it supersedes divorce laws in Rhode Island because it is a valid and enforceable contract between the parties. It can only be overturned under a very narrow set of circumstances.
Some of the reasons a court may find a prenup invalid include:
Signing under duress. In Rhode Island, both spouses must sign the prenuptial agreement of their own free will. If it’s found that one spouse coerced or threatened the other into signing a prenup, then it cannot be enforced.
Failure to disclose. If one spouse lied or misled the other about their assets or debts before signing the prenup, then the prenup may be invalid.
Unconscionable agreements. Suppose the stipulations outlined in a prenup would leave one spouse destitute or place an unreasonable financial burden on them. In that case, the court may find the prenup to be “unconscionable,” which could render it invalid.
Non-Notarized. Most Rhode Island jurisdictions operate under the Uniform Premarital Agreement Act, which stipulates that premarital agreements must be notarized. Non-notarized prenups can be rendered invalid and, therefore, unenforced.
If you’re uncertain about the validity of a prenuptial agreement, your best bet is to contact one of the best Rhode Island divorce attorneys to analyze the situation for you.
How to get a prenup in Rhode Island
If you plan on getting a prenup in Rhode Island, the easiest way is to contact a Rhode Island attorney to help you draft one.
An attorney can help you look out for your best interests and help you craft the best prenuptial agreement for your situation. This is why it’s usually advised that each spouse choose a separate lawyer to avoid conflicts of interest. An attorney can also help you ensure that your prenuptial agreement remains compliant and valid with the law, so there’s no room for confusion later.
Once your prenuptial agreement is signed and notarized, it goes into effect after your marriage becomes official. If you need to modify your prenup later, you can amend or revoke a premarital agreement with a written agreement signed by both spouses.
The best RI divorce attorneys for prenuptial agreements
If you need help with or have a question about prenuptial agreements, attorney Bryan Nappa is here to help. As an experienced divorce lawyer in Warwick RI, Attorney Nappa can help you draft and finalize a prenup, handle your proceedings during a divorce, or offer expert advice
Attorney Nappa also has access to a vast professional network of expert attorneys who can provide expert opinions on tricky or complicated cases. You won’t just have one expert on your side - you’ll have a support system dedicated to your best interest.
Contact his office today for more information.