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A postnuptial agreement is a legal document created after marriage to outline the ownership of financial assets in the event of an unforeseen divorce. The contract also talks about responsibilities surrounding other obligations like children. Let us learn more about the important aspects of a postnuptial agreement below.
What Is a Postnuptial Agreement?
A postnuptial agreement may be a safeguard for couples after they are married so they can each protect themselves in the event of a divorce. This agreement is a legal contract that outlines how assets will be divided and what each individual in the marriage is entitled to should they enter into a divorce. It may also include other provisions that the couple agrees on.
Many couples find that postnuptial agreements are right for them if they are realistic about the potential for divorce and want to have a clearer picture of what that process will be like for them.
The Differences Between Prenuptial and Postnuptial Agreements
You may be very familiar with what prenuptial agreements are. These are the agreements that are completed before you get married, and they help each person in the marriage to understand how everything will get divided after a divorce. Divorce laws vary by state, so a couple may want to enter into a prenuptial agreement so that one or both of them can retain the assets they brought into the marriage if they go their separate ways.
A postnuptial agreement is very similar to a prenuptial agreement. Both usually cover the same situations and potential issues, and both can get very specific about what should happen with properties and other assets in the event of a divorce. The main difference between the two is that prenuptial agreements are entered into prior to a marriage or civil union, and postnuptial agreements happen after a couple has gotten married. Prenuptial agreements have always been more widely accepted, but postnuptial agreements didn't really gain popularity or acceptance until the 1970s when states allowed for "no-fault" divorce laws.
One of the other differences is that with prenuptial agreements, each person needs to have their own attorney separate from their significant other. In contrast, it's accepted in most states for the married couple to use one attorney to complete the agreement together. However, doing this could cause the postnuptial agreement to come under more intense scrutiny as the court may wonder if this arrangement, and therefore everything in the agreement, is in the interest of both parties.
What to Include in a Postnuptial Agreement
A lot of what is accepted and honored in a postnuptial agreement depends on state law, but here are some of the items to think about including in your agreement:
- Asset division: Both parties in the couple may come into the marriage with their own assets and property from their life before they met their spouse. Or, the couple may acquire assets and property while married to each other. In both of these situations, a postnuptial agreement can outline what should happen to these assets should the marriage end.
- Marital debts: Just like a married couple may gain assets during a marriage, they may also gain debts. These debts can be for credit cards, but may also include a mortgage, any annual subscriptions you have, and even shared monthly bills like childcare and healthcare expenses. Married couples may want to include information on how they'll divide these debts in a divorce.
- Spousal support: If a couple agrees that one party in the marriage deserves spousal support, be sure to include that in the agreement. This is usually if one spouse has quit their job to stay home with children.
- Child care/support: If there are children in the marriage, the married couple may include a section in the postnuptial agreement that provides for child support and custody. Sections like this can get very specific on what should happen in the event of a divorce. For example, a postnuptial agreement can clearly state days of the week or time periods when each parent keeps the child(ren).
- Asset distribution after death: A postnuptial agreement can also include what happens to the assets if one person in the marriage passes away while they are married. The agreement can contain specific guidance on what happens to assets depending on if the couple was considering divorce or in the middle of proceedings when one passed away. This provision typically supersedes a last will and testament.
Reasons to Consider a Postnuptial Agreement
If you enter a marriage without a prenuptial agreement in place, there could be any number of reasons why you'd want to consider a postnuptial agreement. Some of the common reasons among married couples include:
- More planning: Some couples simply want to have some clarification about their future situation should things not work out the way they'd hope they would. The couple may not have considered a prenuptial agreement, but feel a postnuptial agreement is a safeguard for an unknown future.
- Asset protection for children: One or both parties in the marriage may have children from previous relationships and want to make sure that their beneficiaries receive certain assets. A postnuptial agreement could account for this.
- Asset protection for self: It's possible that one or both parties receive a big increase in their finances from either a large promotion or family inheritance. They may want to protect that and hold on to their new income without having to share with their spouse in a divorce.
- Financial irresponsibility: During the course of a marriage, someone may have financial or legal troubles that their spouse wants to make sure doesn't impact them in a potential divorce. As an example, a postnuptial agreement can outline that the spouse who took on a lot of debt through gambling will be solely responsible for paying it off after a divorce.
- Spousal support: In a marriage, one spouse may end up supporting the other. This can happen in the case of having kids and one parent committing to staying home to care for them. If the marriage ends in divorce, the spouses may want to first agree on spousal support.
What Makes a Postnuptial Agreement Valid?
Just like with any legal contract, there are certain things that a postnuptial agreement must have to be binding:
- The postnuptial agreement must be in writing. Verbal agreements will likely not hold up in court.
- Both parties must have read the agreement in its entirety and experienced no duress in signing it. If one party didn't have enough time to read the agreement or felt pressured to sign it, the court can deem it unenforceable.
- The agreement must be fair to both parties. An unconscionable agreement that is very unfair to one person in the marriage will not be enforceable.
- The postnuptial agreement must contain only factual and complete information. If there is incomplete or false information in the agreement, a court may choose to throw it out. The same goes for any information that is withheld by either party. For example, if one spouse does not disclose their debts, the postnuptial agreement may then be invalid.
- A postnuptial agreement must be executed correctly. Each state has different requirements for the completion of a legal document. Some may require witnesses and a notary; without correct execution, the agreement may be considered invalid.
Once you've decided that a postnuptial agreement is the best decision for your marriage, you and your spouse should discuss all the details together and then learn more about contracts before entering into something that's legally binding.
Limitations of Postnuptial Agreements
Married couples in the United States will have multiple benefits to incur from a postnuptial agreement. Yet, we are bound to say that the legal document has limitations. Here is a look at the same that couples must remember before signing the agreement.
- Such legal contracts' enforceability can differ based on the respective jurisdictions.
- A postnuptial agreement may lead to conflict or trust issues among couples after marriage.
- Either spouse may feel pressured or coerced into signing the terms associated with the agreement.
- A postnuptial agreement requires complete disclosure of financial assets, which may seem irrelevant to a few people.
- The agreement may also become a part of public records, thereby breaching the financial privacy of couples.
- Most of the time, such agreements are driven by one’s emotional factors.
Final Thoughts on Postnuptial Agreements
A postnuptial agreement is unlike a prenuptial agreement because a couple, after marriage, signs it. However, its importance remains because the document helps protect and safeguard financial interests. So the married couple does not have to go through legal obstacles. It can happen if they head for divorce or separation. However, it is not easy to draft a postnuptial agreement independently. That is why it is recommended to approach a lawyer for drafting and reviewing the same. An attorney who has worked on postnuptial agreements earlier is the best person to approach for such tasks.
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Kelynn P.
Kelynn was born and raised in Cleveland, Ohio. She attended Spelman College in Atlanta, Georgia where she earned a Bachelor of Arts in Philosophy, and thereafter returned to Cleveland for law school . She earned her Juris Doctor at Cleveland State University - Cleveland Marshall College of Law. She primarily practices insurance defense and civil litigation. She has also practiced in a variety of other areas including family law, contract disputes, contract review, complex civil litigation, medical malpractice, products liability, and mass tort.
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With over ten years of intellectual property experience, I’m happy to work on your contractual matter. I am very diligent and enjoy meeting tight deadlines. Drafting memoranda, business transactional documents, termination notices, cease and desist letters, licenses and letter agreements are all in my wheelhouse! Working in a variety of fields, from construction to pharmaceutical, I enjoy resolving any disputes that come across my desk.
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Fabian graduated with honors from the University of Miami School of law, where he served as the articles and comments editor for the law school's Race and Social Justice Law Review. He received the John F. Evans Memorial Scholarship Award for excellence in the university's Litigation Skills Program and the HOPE Pro Bono award for completing more than one hundred (100) pro bono hours. Additionally, he received the CALI Excellence for the future award in Sports Law. He focuses his practice on corporate, real estate and immigration matters. Fabian has experience representing luxury hotel owners and operators in connection with the drafting of hotel management agreements, restaurant license agreements, and complex restaurant leases for domestic and international projects including: Nobu Tulum, Nobu Punta Cana, Nobu Orlando, Nobu Chicago and the Nickelodeon Hotel in Riviera Maya, Mexico, among others. He has represented clients in the commercial real estate industry in connection with the drafting of purchase and sale agreements, promissory notes, and mortgages. Lastly, Fabian routinely counsels corporate clients in connection with the drafting of articles of organization, operating agreements, and other documents related to acquisitions, restructurings and investments.
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My Solo law firm specializes in Personal Injury, some Criminal Law, Contract Dispute, Wills & POAs, Irreconcilable Differences Divorce, and landlord tenant dispute.
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After a career in aviation, I went to Albany Law School graduating in 2003. I opened my own practice in 2005 following a 2-year term with a large, Albany-based law firm. I focus my practice on helping individuals and small business with various matters including defense representation, family law/matrimonial matters, estate planning, probate and estate administration, bankruptcy, business formation and general litigation.
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Litigation attorney with a broad range of experience (19 years) in civil and commercial litigation.
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Postnuptial Agreement
Texas
How long does it take to create a postnuptial agreement?
My spouse and I have been married for 8 years and have recently decided to create a postnuptial agreement. We have discussed our intentions for the agreement, but I am unsure how long it will take to complete the process. I am looking for an estimate of how much time it will take to create and finalize the postnuptial agreement.
Faryal A.
I can prepare a postnuptial agreement for you in 1 day. All you would need to do is add details of your assets. To execute it, you need to sign it before a notary to have it notarized. Feel free to get in touch if you would like to discuss it further. Thank you.
Family
Postnuptial Agreement
New York
What is the point of a postnuptial agreement?
I just got married and chose not to create a prenup.
Jane C.
A postnuptial agreement outlines how assets and child care responsibilities will be divided in the event of separation or divorce. Disclaimer - This information is provided for general informational purposes only. No information contained in this post should be construed as legal advice and does not establish an attorney-client relationship.
Family
Postnuptial Agreement
Florida
Can a postnuptial agreement be enforced in another state?
I recently got married and I am looking to create a postnuptial agreement. I live in one state, but my spouse lives in another state. We are both hoping to move to the other's state in the near future. I am wondering if a postnuptial agreement created in one state can be enforced in the other state.
Diane D.
yes.
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