What is a Postnuptial Agreement Drafting?
A postnuptial agreement is a legally-binding document signed by spouses after they get married. It specifies what will happen should one party die or the couple gets divorced, such as regarding their debts and assets.
If you didn’t draft a prenuptial agreement before getting married, a postnuptial can help you to better manage your finances and protect your interests.
Read the rest of this article to explore postnuptial agreement drafting in greater detail, what information this contract should include, and how a lawyer can help you write one that’s legal and fair.
What Key Terms are in a Postnuptial Agreement?
There are important terms that should be included in a postnup. These include the following:
- Definition of assets. This is a complete list of both parties’ assets, such as their retirement accounts, investments, real estate, and personal belongings.
- Debts and liabilities. There should be clarity for who’s responsible for financial obligations such as loans and debts.
- Spousal agreements. Support for a spouse can include maintenance. If so, this section of the contract must include information about how long this financial support will be provided.
- Review and revision. Since the parties’ situations can change over time, the postnup should make provision for regular contract reviews.
- Business interests. Should one or both parties own a business, they will have to agree on how it will be owned and managed in the event of a divorce.
- Financial disclosure. Transparency is key in a postnup as both parties must provide full disclosure about their finances, such as in terms of their income and expenses.
- Inheritance rights. If required, a postnup can explain each spouse’s inheritance rights, such as if they have children from previous relationships.
What are Tips for Drafting a Postnuptial Agreement?
When drafting a postnuptial agreement, there are some important tips to bear in mind so that it’s professionally written and protects both parties’ interests.
Keep it Fair and Balanced
A postnuptial agreement should include fair and reasonable terms that don’t benefit one spouse over the other. Any one-sided contract can potentially be dismissed by a court.
Discuss Terms with Your Spouse
You and your spouse should work together to draft the postnuptial agreement so that it focuses on both of your requirements and protects your interests. Have clear and honest discussions prior to drafting the agreement so you can assess what you wish to include and negotiate important terms.
Make it Legally Valid
Although state rules can have different criteria that need to be met when drafting a postnup to make it legally enforceable, some general criteria include the following:
- The postnuptial agreement must be drafted after the marriage date.
- Both spouses must provide full financial disclosure.
- Spouses must not be coerced into agreeing to the postnup terms.
- The agreement mustn’t be unbalanced, such as by focusing on one party’s interests.
- The agreement must be in writing and signed by both spouses, as verbal agreements won’t hold up in court.
Update it Regularly
It’s important to update a postnuptial agreement when there are significant changes, such as changes in asset ownership, children’s needs, or the law so that the agreement remains legally compliant.
Avoid Vague Terms
When drafting a postnup, ambiguous terms should be avoided as these can be misinterpreted by either party, causing disputes. The wording should be clear, accessible, and easy to understand so that there are no uncertainties.
Get a Legal Review
If you’ve drafted a postnuptial agreement, it’s essential to get it reviewed by a qualified lawyer so that you know it’s legally enforceable and to prevent disputes in future.
Do You Need a Lawyer for Postnuptial Agreement Drafting?
It’s recommended to hire a lawyer to draft a postnuptial agreement. In fact, it’s best for both parties to have their own legal counsel so that they understand their duties and rights.
A lawyer can help you in various ways when drafting a postnup, such as by:
- Guiding you through the steps of drafting a postnuptial agreement.
- Checking that the agreement terms are fair and legally binding.
- Advising on certain terms that might not be legally enforceable.
- Providing clear, specific terms that can’t be disputed or misinterpreted easily.
- Ensuring that the agreement is balanced and tailored to both spouses’ requirements.
- Explaining all tax consequences that can be triggered by spousal support, division of retirement accounts, or other financial arrangements.
- Making the agreement flexible, so that the agreement caters to your changing needs over time. This can include incorporating a clause about how the agreement should be reviewed regularly.
- Ensuring that the contract is enforceable, such as by getting the postnuptial agreement notarized.
- Reviewing your postnuptial agreement if you’ve already drafted a version of it, so the lawyer can give you peace of mind that it’s clear and legal.
Where to Find a Lawyer to Draft a Postnuptial Agreement
If you need to hire a lawyer to help you draft or review a postnuptial agreement, you don’t have to spend lots of time to find the right one. You can find and hire a reputable lawyer on an online legal platform like ContractsCounsel.
ContractsCounsel is an online legal marketplace where clients can connect with lawyers who have been vetted on the platform.
To request that an experienced lawyer draft your postnuptial agreement, here are the steps to follow:
1. Go to the ContractsCounsel marketplace, where you can post your project for free. Include a few details so lawyers know what you require.
2. You’ll receive multiple bids from lawyers directly on the platform who can assist you with your requirements.
3. Review the lawyers' profiles before hiring one. ContractsCounsel provides lots of data about the lawyers, such as their location, field of interest, client ratings, years of experience, and credentials.
4. Connect with a lawyer you think is best suited to your requirements and hire them to draft your postnuptial agreement. You can also schedule an online chat with a lawyer if you have any questions or concerns.
