What is a postnuptial agreement?
A postnuptial agreement is a contract between spouses. It is similar to a prenuptial agreement except it is signed during marriage. A postnup is entered into in contemplation of an ongoing, viable marriage. There are two basic rules that should be followed to safeguard your agreement: full and fair disclosure and separate and independent counsel. What states are they valid in? Most states recognize postnups either explicitly by statutes allowing married persons to contract with each other, implicitly through statutes regulating certain terms or requiring of such agreements, or as a matter of “case” or “common” law. Unlike prenups, there is no “act” that applies to postnups. Therefore, if a postnup is challenged in court, the court may scrutinize them more carefully than prenups. Postnups may also be held to a higher standard of fairness than prenups on the theory that individuals have lesser bargaining power once married. What you need to consider: In general, you will want to consider
Also known as antenuptial agreements or post-marital agreements, a postnuptial agreement can be entered into either before or after marriage. One common reason for a postnuptial agreement is where one spouse plans to start a new business or become a partner in an existing business (like a doctor who incorporates or joins an existing professional practice). Some partnerships require a prospective partner to enter into a postnuptial agreement stating that their spouse will not make an ownership claim on the business, particularly in the event of marital dissolution or death.
A postnuptial agreement is an agreement between a husband and wife on how critical areas of a divorce will be handled should it eventuate. Creating a postnuptial agreement does not mean that a spouse believes that marriage is doomed. It simply means that they would like to be prepared for any eventuality. People take out life insurance to protect their family from the effects of a premature death. In the same way a postnuptial agreement is like an insurance policy on your marriage. Unfortunately, divorces do occur and having a postnuptial agreement provides protection from the worst-case scenario.
A postnuptial agreement is a contract between spouses. It is similar to a prenuptial agreement except it is signed during marriage. A postnup is entered into in contemplation of an ongoing, viable marriage. There are two basic rules that should be followed to safeguard your agreement: full and fair disclosure and separate and independent counsel. What you need to consider: In general, you will want to consider and discuss the following with your spouse: • Discuss all the assets and debts of your relationship as well as future income opportunities. • Discuss the current financial status of your relationship including spending habits, roles and responsibilities and any concerns you have over money matters. • Be open and honest about your assumptions and expectations of how property would be handled in the case of death or divorce. Draw up and sign the agreement with the help of two lawyers. It is critical that you are each represented independently to maintain the contracts legal validit
