While prenuptial agreements receive considerable attention, people often overlook postnuptial agreements. Both prenuptial and postnuptial agreements create contracts that address how the parties will resolve financial terms if their marriage ends in divorce. The primary difference between the two is when the document is created and signed. It is always advisable to consult an attorney when negotiating or considering a prenuptial or postnuptial agreement.
If you want to learn more about what a postnuptial agreement could mean for you or if someone has asked you to sign one, consult with an experienced Colonial Heights postnuptial agreements lawyer at Capital Family & Divorce Law Group.
What are Marital Agreements?
Both prenuptial and postnuptial agreements are marital agreements. These are agreements between spouses who have reached mutually acceptable terms regarding the issues addressed. The basic requirements for marital agreements to be legally enforceable include the following:
- Both spouses must sign the agreement in writing
- A notary must notarize the agreement
- Each spouse must have entered the agreement willingly and without coercion
- Each spouse must have provided the financial information necessary for the other to make well-informed decisions
- The terms included cannot be unconscionable, which translates to being unreasonably one-sided
A Colonial Heights attorney could prepare an after-marriage agreement to ensure compliance.
When Are Postnuptial Agreements Created and Implemented?
Couples create prenuptial agreements prior to the marriage, and these agreements go into effect when they marry. The more time that elapses between the two, the less chance there is that coercion played a role. Postnuptial agreements serve the same purpose as prenuptial agreements, but the couple creates them during the marriage.
In Colonial Heights, spouses enter into postnups during their marriage, which come into effect when both spouses sign and notarize the document, preferably with the aid of an attorney. To ensure that there is no hint of coercion or undue influence, parties must take considerable care when creating the contracts, as they become effective immediately. This involves both spouses engaging in full disclosure regarding their assets and liabilities.
Common Terms Addressed in Postnuptial Agreements
A Colonial Heights attorney could effectively address finances in a post-marital agreement. It is important to note that the court determines terms related to child custody and child support based on the child’s best interests at the time. Officials must make related rulings in real time and cannot negotiate them ahead of time.
The Division of Marital Property
During the marriage, the couple may acquire assets, which are then categorized as marital property. Any asset that either spouse owned prior to marriage and kept separate while married belongs to the original owner as separate property.
If the marriage ends in divorce, the individuals must equitably or fairly divide the marital assets. Furthermore, the dividing line between separate and marital property could weaken over the years. Having a postnuptial agreement in place could remove the uncertainty, as both individuals will know what to expect if property division becomes a concern.
Spousal Support
Spousal support is never guaranteed but, instead, depends on the unique situation involved. Spousal support may be ordered when the divorce leaves one spouse without the means to continue supporting themselves, or they are greatly disadvantaged by sacrifices they made during the marriage. If the other party has the financial ability to help, the court may order support.
The bigger the difference in financial standing between the divorcing spouses, the greater the chance that spousal support may apply. Including support terms in a postnuptial agreement helps finalize results for both spouses.
Inheritance
If an individual has children from another relationship, they could use a postnuptial agreement to address those children’s inheritance. If the individual dies before the spouse does, the children’s inheritance rights could suffer. However, a postnuptial agreement helps ensure that the children inherit according to the individual’s wishes rather than according to the state’s inheritance laws.
Contact an Experienced Postnuptial Attorney in Colonial Heights Today To Assist in Drafting Your Agreement
A persuasive Colonial Heights postnuptial agreements lawyer at Capital Family & Divorce Law Group of Price Benowitz could help you establish terms that support your financial rights while affording you the peace of mind you are looking for. For more information, do not wait to contact Capital Family Law today.
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