Pre & Post Nuptial Agreements
NUPTIALS GUIDELINES
What are prenuptial and postnuptial agreements?
A prenuptial agreement, commonly known as a prenup, is a legal contract that is entered into by a couple before they get married. A prenuptial agreement outlines the rights and obligations of each party regarding their assets, debts, property, and other financial matters in the event of a divorce, separation, or death.
It’s important to note that for a prenuptial agreement to be enforceable, it must meet certain requirements. Generally, the agreement should be in writing, signed by both parties, and entered into voluntarily without duress or fraud. It’s advisable for each party to have their own independent legal representation to ensure fairness and legality as well as avoid either party in the future from claiming they were ill-equipped to review and understand the agreement at the time.
A postnuptial agreement, sometimes called a postnup, is a similar legal contract entered into by a couple after they are married. The main difference is that a postnuptial agreement is created during the marriage, whereas a prenuptial agreement is created before the marriage.
Postnuptial agreements serve the same purpose as prenuptial agreements and cover similar aspects such as asset division and financial obligations. They are often used when couples experience significant changes in their financial circumstances, decide to commingle assets, or wish to clarify financial matters that were not addressed before the marriage.
Like prenuptial agreements, postnuptial agreements must meet certain legal requirements to be enforceable, and it is recommended for each party to have independent legal representation when creating and signing the agreements.
Here are some key aspects of prenuptial and postnuptial agreements:
Nuptial agreements typically specify how assets and debts acquired before and during the marriage will be divided in case of a divorce or separation. They can outline the distribution of property, investments, business interests, and other financial assets.
Nuptial agreements can address spousal support or alimony, including whether it will be paid, the amount, and the duration. It may also address other financial matters such as the responsibility for debts incurred during the marriage.