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Prenuptial Agreement in Wisconsin: What You Need to Know

The idea of a prenuptial agreement can be a touchy subject for some couples, but it is becoming an increasingly common practice. A prenuptial agreement, or prenup, is a legal contract that outlines how assets and debts will be divided in the event of a divorce. While it may not be the most romantic conversation, discussing a prenup can help protect both partners in the long run. In this article, we will discuss the basics of prenuptial agreements in Wisconsin.

Firstly, it is important to understand that Wisconsin is a marital property state. This means that all assets and debts acquired during a marriage are considered to be owned equally by both partners. However, property and assets owned before the marriage or gifted to only one partner during the marriage may be exempt from being split equally in a divorce. This is where a prenuptial agreement can come in handy.

A prenup can be used to protect both partners by laying out a plan for how assets will be divided in the event of a divorce. This can include assets owned before the marriage, future inheritances, and even future income. A prenuptial agreement can also protect one partner`s business or property rights. It is important to note that a prenup cannot be used to determine child custody or child support. Those decisions must be made in the best interest of the child at the time of the divorce.

In Wisconsin, for a prenup to be legally binding, it must be in writing and signed by both parties. It is also a good idea to have the prenuptial agreement reviewed by a lawyer to ensure all legal requirements are met. Additionally, both parties should have enough time to fully review and understand the terms of the agreement before signing it. If one party is pressured or coerced into signing the agreement, it may not hold up in court.

It is important to note that a prenuptial agreement can be modified or even invalidated over time. This can occur if one partner fails to disclose all of their assets or debts at the time the agreement was signed or if the marriage drastically changes (such as a significant increase in income for one partner). In these cases, the agreement may need to be reviewed and revised to reflect the current circumstances.

In conclusion, a prenuptial agreement may not be the most romantic conversation to have with your partner, but it can provide a sense of security and protection for both parties in the long run. In Wisconsin, a prenup can protect both partner`s assets and ensure that each party`s business or property rights are protected. If you are considering a prenuptial agreement, it is important to understand the legal requirements and have the agreement reviewed by a lawyer to ensure it is valid and binding.