Your Guide to Postnuptial Agreements
Around 50% of married couples in the US divorce. Ending your marriage can be one of the most emotionally and financially challenging times in your life.
Divorce has many possible causes: infidelity, loss of intimacy, domestic abuse, substance abuse, financial issues, and moral differences. Whatever the reason, a postnuptial agreement will help protect your assets and minimize acrimony in divorce. It’s a good way to secure your family’s financial well-being, regardless of how your marriage will turn out.
What is a postnuptial agreement?
A postnuptial agreement is a contract that spouses enter into after they are legally married—be it months or years. It determines how assets and debts are divided in the event of a divorce.
What is covered in a postnuptial agreement?
Without a postnup, a court could decide how to divide your assets instead. The following can be included in a prenuptial agreement:
- Ownership of assets, property, businesses, inheritances, and family heirlooms
- Estate plan protection
- Protection from your spouse’s debts
- Descriptions of the responsibilities of spouses
- Alimony, maintenance, and spousal support
What makes a postnuptial agreement valid?
A postnuptial contract must meet the following basic requirements to be considered valid and enforceable:
- Written and voluntary – Postnuptial agreements must be in writing and must be signed by both parties intentionally and voluntarily before a notary public. Oral agreements will not be considered valid. Likewise, any indication that one party was threatened or coerced into signing will invalidate a postnuptial agreement.
- Validly executed – Postnuptial agreements must meet the requirements of the parties’ state of residence laws.
- Disclosure – Both sides must give fair and truthful disclosures of their income, assets, properties, and liabilities.
Without a postnup, how will our property be divided if we divorce?
Whether inherited or brought into the marriage, the property will be considered separately owned and will go to the party who brought it into the relationship.
If there is no prior agreement regarding marital property division at the time of divorce, it will be divided by “equitable distribution.” The judge will decide how property will be divided depending on different factors, including age, income, and health.
Protect your financial future in case of divorce
The attorneys at the Law Offices of Ian S. Mednick are skilled at drafting and reviewing postnuptial agreements that reflect your financial interests. We treat our clients with dignity and utmost discretion and help them protect their personal assets, including properties, investments, and bank accounts.
Contact us today to schedule a consultation.
