Before couples tie the knot, they may get a prenuptial agreement. This legal document outlines the division of assets and responsibilities in case of divorce or death.
However, in Missouri, as in many other states, there is a major mistake that could potentially invalidate your prenup.
Failure to disclose assets fully
One of the fundamental requirements of a valid prenuptial agreement in Missouri is the full and honest disclosure of assets by both parties. Failing to disclose all assets accurately can lead to serious consequences, including the nullification of the entire agreement. Any provisions regarding property division, spousal support or other financial matters in the prenup may become unenforceable.
Consequences of nondisclosure
Nondisclosure of assets undermines the integrity of the prenuptial agreement. If one party discovers that the other failed to disclose assets or liabilities fully, they may argue that the agreement occurred under false pretenses.
To avoid the potential pitfalls associated with nondisclosure, both parties should provide a comprehensive overview of their financial situation before signing the prenup. This includes disclosing all income, real estate holdings, investments, debts and any other significant financial assets or liabilities. Being transparent helps ensure the validity of the prenuptial agreement and promotes trust and fairness in the relationship.
Two other major mistakes
Two other major errors can derail a prenup. For instance, a prenup must meet certain procedural requirements to be valid in Missouri. This includes both parties signing the agreement voluntarily and having sufficient time to review its terms before the wedding.
Also, including provisions that are overly one-sided or that attempt to waive fundamental rights, such as the right to spousal support, may render the agreement unenforceable.
While prenuptial agreements can serve as valuable tools for couples in Missouri, they need to navigate the process carefully to ensure the agreement’s validity.