It is common for financial circumstances to change during a marriage. If changing conditions in your marriage lead to concern over the safety of your assets, a postnuptial agreement (“postnup”) may be in your best interests.
Postnups allow married couples to determine how assets and property will be split in the event of a divorce. This process can be complex, and therefore, is best undertaken by a Rockville postnuptial agreements lawyer. If you are considering drafting one of these types of postmarital contracts, you should speak with an experienced attorney who understands how to prepare a fair and legally binding postnup.
What are the Benefits of Postnuptial Agreements?
A postnuptial agreement could become valuable in several circumstances and acts as a financial planning tool. It provides financial certainty for both spouses in the event of a separation or divorce. Having terms agreed to beforehand also could limit conflicts should a divorce become necessary.
A common reason for obtaining a postnuptial agreement is that financial circumstances during a marriage may have changed, one spouse may have inherited a large sum of money and wishes to protect those assets in the event of a divorce. Many times, there may be discord in a marriage and, in order to allay any fears and insecurity, the parties enter into a postnup to make it clear how the assets will be divided upon divorce and to ensure that the financially dependent spouse will be financially secure in the event of a divorce.
Some postnuptial contracts are based entirely on securing personal wealth or assets. A spouse that has second thoughts about not asking for a prenup could seek these protections after their wedding through a postnuptial arrangement. This may occur when the marriage came together suddenly. If two parties lacked time to prepare an agreement before their marriage, a postmarital agreement may be the next best option. A Rockville attorney can help someone prepare a postnuptial agreement based on their goals.
Legal Requirements for Postnups in Rockville
A postnuptial agreement is a contract. For this reason, a postnup must be in writing and both sides must sign the agreement of their own free will. Additionally, each party has the right to review the document with legal counsel, and both spouses must fully disclose all of their individual assets and combined property. A Rockville lawyer could help someone draft a postnuptial contract so that it meets all legal requirements.
Terms Included in Postmarital Agreements
A postnuptial agreement can address most of the financial aspects commonly litigated during a divorce. For example, they could establish a plan for marital property division as well as spousal support.
However, these agreements may not cover every aspect of a divorce. The parties have no power to negotiate matters of child custody, as that remains in the jurisdiction of the court to determine what is in the best interest of the minor children. Likewise, a parent cannot waive future child support payments. A Rockville lawyer can assess someone’s situation and determine what terms should be included in a postnuptial agreement.
Contact a Rockville Postnuptial Agreements Attorney
There are many reasons why a postnuptial agreement could make sense in your marriage. Whether you have specific wishes or general concerns about your financial situation, a postnuptial agreement could be the answer.
A Rockville postnuptial agreements lawyer can provide useful insight into how these legal documents could work in your favor. To learn more, schedule an appointment today.