Prenuptial and Postnuptial Agreements
Financial planning is about making smart decisions about your future. For couples this means making choices about debts, assets, and other marital obligations before or after getting married.
A prenuptial agreement is a legal contract couples enter into before getting married. The reason for a prenup is to make sure that you and your spouse-to-be have an absolute understanding on the division of finances in the event of a divorce or death. The terms of a prenup can vary, depending on the couple. The agreement can cover how to split property purchased during the marriage, and how to divide items owned before marriage, and who will pay specific bills over the course of the marriage, amongst other marital obligations.
A postnuptial agreement is a legal contract couples enter into after having been married. The idea behind the agreement is to resolve financial and marital issues that have awakened within the marriage. This can cover present and future debts, who owns which assets, and can address ever day situations, like the household budget, whether or not to have social media accounts, or how much time either spouse can spend hanging out with friends. A postnuptial agreement cannot include a waiver of a spouse’s obligation to pay child support.
The law surrounding prenuptial and postnuptial agreements is complicated. Plus, the facts of each case are unique. This article provides a brief, general introduction to the topic. For more detailed, specific information, please contact our firm for a consultation. We are here to help and guide you.