What is a PostNuptial Agreement?
A postnuptial agreement is a written contract executed after a couple gets married, or has entered a civil union, to settle the couple’s affairs and assets in the event of a separation or divorce. A postnuptial agreement is simply a prenuptial agreement signed after the pomp and circumstance of your wedding. Much like a prenup, it defines each party’s separate assets and provides clarification and security in the event of a divorce. A postnuptial agreement can also fence off separate property for the sake of estate planning for children from a previous marriage. Learn more from a qualified attorney at Turner Law Firm, PLLC.
Planning Ahead with Postnuptial Agreements
The longer you have been married, the more entangled your assets become. Getting divorced after a year is much easier than getting divorced after 10 years and three kids. A postnup clears up the confusion that comes with 10 years of asset commingling. A postnuptial agreement lets married couples agree on what happens in case the marriage ends in divorce or one spouse dies. For example, it may set out who:
- Gets what property owned by the couple (called property division).
- Has to pay alimony, how much and for how long.
- Has to pay the debts, like mortgages, credit card bills, etc.
- Gets property or assets belonging to a spouse who dies during the marriage.
The agreement cannot be one-sided, such as an agreement to give everything to the husband. There has to be a mutual exchange of property or promises, such as a wife’s agreement to return to the marriage in exchange for the right to own the house as separate property.
Also, while prenuptial agreements are typically enforced as long as there was proper disclosure of assets and the other statutory requirements were met, postnuptial agreements that are clearly one-sided or unconscionable will not be enforced, even if there is full disclosure and representation by counsel.
A postnuptial agreement isn’t a cure for all marital problems or financial planning. It’s not a substitute for a prenuptial agreement. It is, however, a useful tool that you should consider if your assets are presently unprotected. Call Turner Law Firm, PLLC to review your goals and objectives.