What are postnuptial agreements?

Aug 17, 16 What are postnuptial agreements?

Postnuptial agreements are created after a marriage has taken place, but prior to either party divorce or death. Most postnuptial agreements are similar to premarital contracts. However, it is best to check the validity and enforceability of your postnuptial agreement beforehand, as laws differ from state to state. For this agreement to be legal, you will have to hire a lawyer for each party concerned.

Postnuptial agreements should follow two rules. The first is full disclosure. This means that each party must divulge all finances. Secondly, as said earlier, each party must have separate legal counsel. The reason why each party requires a separate lawyer is mainly because courts tend to scrutinize postnuptial contracts since a married couple has less bargaining power.

Most postnuptial agreements should discuss:

All assets and debts of the relationship – This will also include anticipated or past debts that will have bearing on the marriage.

Spending habits of the family – Especially if the household functions on one person’s income.

What you expect to receive in case of a divorce – It is important to remember that a postnuptial agreement is written in order to have freedom against your state’s divorce laws. Therefore, it is best to have a look at divorce laws in your specific state.

What you expect in case your spouse dies – This becomes important if you or your spouse have been married previously. If you have a will written, this section should reiterate your will.