You’ve heard of prenuptial agreements and separation agreements – what’s a postnuptial agreement?
What is a postnuptial agreement?
A postnuptial agreement, also called a marital agreement, is a contract between spouses who are not currently considering separation or divorce. These contracts can address many of the same issues that prenuptial and separation agreements address, particularly finances, including what is considered separate property versus what is considered marital property as well as how assets and debts will be handled in the event of a divorce or death.
Many times, these agreements arise when the couple has previously separated, or considered separating, and is in the process of reconciling. Or perhaps one spouse has recently formed a business and needs to clarify how business assets will be handled.
These types of agreements can deal with a wide range of issues related to property rights, as long as the terms are not against public policy. One issue that cannot be addressed in a postnuptial agreement is alimony.
Consult with an attorney before signing a postnuptial agreement
Having a properly drafted postnuptial agreement is key to having a valid, enforceable contract. In addition, prior to executing a postnuptial agreement, there should be full disclosure between the parties regarding each spouse’s assets and debts.
For more information about postnuptial agreements, contact our office today to schedule your consultation.