Post Marriage Agreements: Everything You Need to Know
A post marriage agreement, also known as a postnuptial agreement, is a legal document that outlines the division of assets and debts in the event of a divorce. This agreement is created after the couple is already married. While prenuptial agreements are more well-known, postnuptial agreements serve a similar purpose and can be just as important for protecting a couple’s assets.
Reasons for Creating a Post Marriage Agreement
There are a number of reasons why a couple might choose to create a postnuptial agreement. Some of the most common reasons include:
1. Protecting Assets: A postnuptial agreement can help protect one or both spouses’ assets in the event of a divorce. This is especially important for individuals who have acquired significant assets after getting married.
2. Addressing Debt: In addition to dividing assets, a postnuptial agreement can also address the division of debt in the event of a divorce. This can be especially important for couples in which one spouse has significantly more debt than the other.
3. Clarifying Expectations: A postnuptial agreement can help clarify each spouse’s expectations for the marriage and the division of assets and debt. This can be especially helpful for couples who have different financial goals or approaches to money.
4. Planning for the Future: A postnuptial agreement can also address issues related to future inheritances or other assets that may be acquired down the line. It can also outline the couple’s expectations for spousal support or alimony.
Creating a Post Marriage Agreement
Creating a postnuptial agreement is similar to creating a prenuptial agreement. Both documents require that both spouses be open and transparent about their finances, assets, and debts. Each spouse should also have their own legal representation to ensure that the agreement is fair and legally binding.
The process begins by discussing the terms of the agreement and drafting it with a lawyer. Once the agreement has been drafted, both parties must sign it in the presence of a notary public. It’s important to keep in mind that the agreement must be fair and reasonable to both spouses, and cannot be used to waive any legal rights or obligations related to child support or custody.
Creating a post marriage agreement can be a smart decision for couples who want to protect their assets and clarify expectations in the event of a divorce. While it’s not the most romantic topic, it’s an important one for anyone who wants to safeguard their financial future. If you’re considering a postnuptial agreement, be sure to consult with a qualified lawyer who can guide you through the process.