Legal Question in Family Law in Wisconsin
Pre-nuptial agreements vs. pre-marital/first marriage debt
I am getting married in a few weeks and both of us wish to enter into a prenuptial agreement. This is a second marriage for both us and and we each have considerable debt from the previous marriage. We hope to create our agreement without a lawyer but understand there are various marital laws in WI that the agreement must adhere to. Since WI has the marital property law, does a prenuptial agreement hold up in court in regards to premarital debt? For example, my fiance has significant student loans. Should we divorce or if he passed away, would I be required to pay his student loans? The student loans, as well as credit card debt from his first marriage, are listed in his divorce papers. I'm quite concerned his ex-wife would come after me and make me pay for his debt. We also each have life-insurance left to each other and retirement/supplemental life insurances left to our children. It's a complicated manner but I'd like to do as much as possible without a lawyer (obviously, financial reasons.) If we must get a lawyer, are post-nuptial agreements just as binding as prenuptials?
1 Answer from Attorneys
Re: Pre-nuptial agreements vs. pre-marital/first marriage debt
Marital property law in WI is almost
unbelievably complex and short answer to
nearly all of your questions is that your
nightmares could indeed come true if things
are not handled properly. Technically, the
two of you need separate attorneys to negotiate
the agreement. You can try to do it on your
own, but obviously will have nobody but you
selves to complaint to (or sue for malpractice)
if things don't turn out as expected. One
of the least appreciated benefits of an attoney
(who carries malpractice insurance) is the
extra "deep pocket" which is available when things
don't turn out as expected due to the attorney
not meeting accepted standards of care and
expertise. This benefit is especially great
in real estate transactions and large transfers
such as a marital agreement. I don't know
of any great favoritism on the part of the
courts for pre-marital vs post-marital
agreements, but would warn you that
non-marital assets and debts can very quicky
(and sometime irrevocably) convert into marital
assets, contrary to your intentions. For
example, if a creditor tries to enforces a formerly
separate obligation before you record and
serve the marital agreement, the creditor's
rights could supercede your agreement.