A New Marriage and Divorce Trend - Postnuptial Agreements
What Are Postnuptial Agreements?
Marriage is a legally binding contract that if entered into without a prenuptial agreement becomes subject to individual state divorce laws in the event that the couple decides to split. In order to avoid a situation in which vague laws and a family court judge decide how to divide the marital assets, the new trend is for couples without a prenuptial agreement to voluntarily enter into a postnuptial agreement to outline their wishes in the event of death or divorce. A postnuptial agreement is very similar to a prenuptial agreement except that it is signed by the parties after they are married. These agreements can sometimes be used to work out issues that may be causing problems in a marriage and help the couple avoid divorce.
When to Get a Postnuptial Agreement
Postnuptial agreements are often recommended by divorce lawyers in cases where the financial status of a couple has changed. Both parties must have their own lawyer help in the creation and review of a valid postnuptial agreement before it is signed. Everything should be put on the table during postnuptial agreement negotiations. If there is not full and fair disclosure about debts and assets while negotiating the postnuptial agreement, it may be found to be invalid in the event of a later divorce battle.
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Validity of a Postnuptial Agreement
Postnuptial agreements are now valid in most states, however, there is no specific law governing them as there are with prenuptial agreements. These agreements may be challenged in court and according to the equality in Marriage Institute, they may be scrutinized more thoroughly than prenuptial agreements. A Family Court judge may decide to disregard a postnuptial agreement if it was entered into under duress, if all assets were not disclosed in the agreement or if the agreement is not considered fair to both parties.
Contents of a Postnuptial Agreement
A postnuptial agreement should define all of the marital assets and debts, the income of both parties, and all future gifts and inheritances that are expected. A plan of how all debts will be paid in the event of a divorce should also be outlined.
The agreement must also address how all property and assets will be divided in the event of death or divorce. This should include an agreement about who retains the marital home and any other real estate owned by the couple as well as any artwork, jewelry or other valuables.
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Any future inheritances or gifts that are expected should be addressed in the postnuptial agreement as well. The status of any trusts or benefits that either spouse may be entitled to receive in the future should be included in the agreement.
Alimony or spousal support payments should be defined in the postnuptial agreement. In some cases, these payments may be waived in favor of a property settlement and a qualified divorce lawyer can provide advice regarding the legality of such waivers.
Finally, the agreement should provide a financial plan in the event of the death of either party. The postnuptial agreement should define what will be provided in the will of each party. The postnuptial agreement should also outline medical, disability, life or long-term-care insurance coverage for the parties.
If you are thinking about getting a divorce or already have decided to get a divorce and are thus interested in learning more about a postnuptial agreement, be sure to get in touch with a local divorce lawyer by filling out our divorce case review or calling 1 (877) 349-1310.