Postnuptial Agreements: It's Not Too Late to Make a Marriage Plan
Many people don’t realize that they can still enter into a marriage agreement after they are already married.
If you are worried about what may become of your personal property in the event of a divorce or you and your spouse would simply like to work on an asset division, define which assets belong to each person, a postnuptial agreement could be the best option for you.
Differences Between Prenuptial and Postnuptial Agreements
A prenuptial agreement is most commonly used to safeguard assets, avoid taking on another party’s debts, and/or clearly define financial responsibilities.
Postnuptial agreements address the same issues but are made after the couple has already been married. A couple can also choose to use the same attorney rather than two separate attorneys because they are one married entity.
Is a Postnuptial Agreement Right for You?
Many couples choose to draw up a postnuptial agreement rather than a prenuptial agreement to avoid awkwardness before the wedding day. However, if they do write up an agreement before the wedding, revisiting it with a postnuptial agreement could allow both parties to alter their previous provisions and think of new ones that better represent their wishes.
Other reasons for creating a postnuptial agreement include:
- the couple is considering a legal separation or divorce and would like to get their responsibilities in order;
- to ensure children from previous marriages inherit certain assets;
- to secure financial resources;
- to clearly define the wishes of each party.
What You Cannot Include on a Postnuptial Agreement
A valid postnuptial agreement generally has stipulations on what to do with property division, spousal support, debts, and what to do in the event of someone’s death. However, there are a few things you cannot add to a postnuptial agreement, as doing so could make the agreement invalid.
These provisions include:
- having no written agreement;
- one party was pressured into signing the agreement or signed it under duress;
- one party didn’t read the contract or didn’t have time to consider it;
- it contains incomplete or false information;
- the agreement is unfair to one party; or
- there are unrealistic expectations placed on one or both parties.
Dale L. Bernstein, Chartered Law Office Can Help
Our attorney has over 33 years of experience with postnuptial agreements. He can help you and your partner come to the most beneficial agreement for the both of you.
Call our firm today at (727) 312-1112 or contact us online for a legal consultation.