Lawyer for Postnuptial Agreement: How Can They Help You
While many people remain aware of prenuptial contracts, most individuals might not fully know about a postnuptial agreement. Also, unlike prenuptial agreements executed before marriage, postnuptial agreements are negotiated during or after marriage. In addition, postnuptial agreements are statutory instruments for people who intend to stay married, putting forth their privileges and interests in the event of death or divorce.
However, one of the most significant challenges of postnuptial agreements is that they get implemented to a rigorous criterion for enforceability. Courts usually invalidate a postnuptial arrangement because they think it is possibly coercive as people negotiate this agreement after marriage. Hence it might not be wrong to say that public policy is generally against postnuptial agreements.
Nevertheless, postnuptial agreements are enforceable in divorces, provided they meet specific criteria. A lawyer for a postnuptial agreement usually oversees the drafting and assessment of the created prenuptial agreement. This document summarizes each partner's financial problems and privileges during a unanimous divorce. Moreover, the attorney may also represent one of the partners in court if the postnuptial agreement gets challenged.
Read on to learn more about postnuptial agreements and the roles and responsibilities of postnuptial agreement lawyers.
What does a Lawyer for a Postnuptial Agreement do?
The more prominent prenuptial contract concerns a contractual agreement specifying economic allocations and other prearranged choices that both parties consent to before marriage. The contract could specify sole company ownership to one partner while deciding on an alimony figure.
On the other hand, with a postnuptial contract, the agreement may comprise identical prenup details, but couples specify them during the marriage. Moreover, a postnuptial contract is a lawful contract executed by both spouses during your wedding. These contracts cover matters like splitting your acquisitions if you divorce, spousal aid, and economic administration during the marriage. You can use a postnuptial contract to resolve issues that otherwise would get defined by the default property division regulations.
A lawyer for a postnuptial agreement usually helps you understand your privileges and choices. They can also prepare a document that will guard your interests in separation.
Why do you Need a Postnuptial Agreement?
Individuals in different life circumstances can profit from signing postnuptial contracts. For instance, you may like this type of agreement if you inherit significant money during your marriage and want to give it to kids from a prior marriage.
The same applies if your company becomes suddenly successful or if your spouse has considerable debt, and it is better to sign a postnuptial agreement that could guard you too. You can choose in the contract how to manage obligations and liabilities in case of a future divorce. Moreover, partners residing apart but not planning to divorce may require postnuptial agreements.
Eventually, you may choose to execute a postnuptial agreement because you have a prenuptial agreement, but your situation has significantly altered since you signed it. In addition, a postnuptial agreement attorney guarantee that your interests remain protected and that the contract comprises all required conditions to remain lawfully binding.
Additionally, it is a good idea for you and your partner to have different attorneys advise you regarding the postnuptial agreement. It is so that there is no dispute of interest in the guidance you obtain. However, it is entirely up to you to choose if a postnuptial agreement is ideal.
Understanding Ways to Negotiate Postnuptial Agreements
Like the prenuptial agreements, a legal postnuptial agreement cannot handle custody issues, parenting periods, or kid support. That is because tribunals look to the children's best interest, and the judges cannot know until a custody decree is about to be entered. Nevertheless, postnuptial agreements can handle many other matters, including:
- Marital property and debts
- Future inheritances
- Gifted or otherwise exempted property.
As the above list covers most issues you can address in a divorce agreement, it allows for handling specific issues of wills or estates. Also, for a postnuptial contract to be binding, it must fulfill the requirements that are as follows:
- The postnuptial agreement must be in writing, and an oral agreement or assurance will not be binding.
- The contract must be compatible with the regulations of the state.
- The contract cannot get executed under coercion or fraud.
- The agreement cannot be deceitful or caused by fraud.
- The agreement should not be part of divorce planning.
Lawful postnuptial contracts must be deemed reasonable and fair and will only be executable if both parties plan to stay in the marriage. Postnuptial contracts are not a means to get a hop on a divorce. Enforceability becomes further weakened if the parties try to negotiate a postnuptial arrangement themselves.
Types of Postnuptial Agreements
Below are some prominent types of postnuptial agreements.
A Means of Splitting Assets and Offering Spousal Support
The most prevalent type of postnuptial agreement defines how a couple's investments and liabilities would get divided in case of a divorce. These contracts also handle maintenance or support and usually comprise provisions expressing that one partner waives the privilege of such support in exchange for specific marital property.
In addition, property managed and protected under this postnuptial contract includes both marital properties the spouses got during their wedding—and investments or other belongings each spouse brought into the marriage.
A Template Later Used as a Separation Agreement
The third type of postnuptial agreement looks like a separation agreement. These agreements describe how children's custody, spousal support, and child support would be handled in a divorce and provide for the split of the couple's acquisitions and liabilities. This postnuptial agreement may later get integrated into the divorce statute and can spare time and costs in a divorce procedure.
A Means for the Parties Consent to Waive Marital Rights when One Person Dies
Postnuptial arrangements can also provide how the partners' property and other assets would get divided in case of either spouse's demise. Generally, this postnuptial agreement always supersedes state laws or a will, giving spouses specific property ownership. By signing such a contract, the parties consent to waive any privileges they would otherwise have to obtain property or other acquisitions.
Here are some key terms you might often come across in a postnuptial agreement.
- Will: A statutory document that controls the allocation of assets upon death
- Marital Exemption: A tax provision that permits an endless amount of property of one partner to move to the other upon demise without incurring inheritance or estate tax
- Disclosure: Full and honest disclosure is part of valid and lawful postnuptial contracts.
- Heir: An individual entitled to inherit the property of the decedent.
A person considering entering a postnuptial agreement with their spouse must comprehend that these legal papers are not invulnerable. Moreover, even if a postnuptial contract fulfills all of the threshold conditions to be reasonable and enforceable, tribunals may still strike it down.
In some states, postnuptial agreements are not enforceable if both parties do not review and discuss the provisions with their separate attorneys. Therefore, to make a postnuptial agreement enforceable and valid, it is prudent to hire professional lawyers at ContractsCounsel who can guide you at every step.