Prenuptial and postnuptial agreements are often criticized as anticipating the failure of a marriage. However, these contracts can greatly benefit both individuals in a relationship and ensure that their rights and assets are protected. A postnuptial agreement can be valid and legally enforceable as long as certain conditions are met. If you are considering signing a postnup it is important that you understand the implications. Work with a York County, PA family law attorney for skilled representation and legal advice.
What is a Postnup?
A postnuptial agreement, commonly known as a postnup, is a legal contract a married couple may sign after their marriage has already taken place. It is similar to a prenuptial agreement in the sense that it outlines a legal agreement dictating how certain affairs will be handled if the marriage ends in a divorce or death. While prenups are created before the marriage to protect individual assets, postnups are established during the marriage and can address new financial or other circumstances in the relationship.
A postnuptial agreement can be legally binding. It covers various issues including the following.
- Division of assets: Similar to a prenup, a postnup can specify how assets and property acquired during the marriage will be divided if the couple gets divorced. This can include both separate and marital assets.
- Division of debts: The contract can also outline how debts incurred by either spouse will be divided.
- Spousal support: The postnup can set the terms of alimony if needed. It can outline which spouse will pay, the amount, duration, and conditions of the agreement.
- Inheritance: The document can outline how inheritance assets will be distributed if one spouse dies.
- Businesses: If either spouse owns a business the postnup can clarify how business assets will be handled if the couple gets a divorce.
The goal of a postnup is to provide clarity to the financial aspect of a relationship and prevent disputes later on regarding financial rights and obligations. When a couple’s financial situation changes or they want to protect certain assets and clarify financial arrangements a postnuptial agreement may be the best course of action.
When is a Postnuptial Agreement Valid?
For a postnuptial agreement to be legally enforceable, it has to meet several requirements. The criteria the contract must meet can vary depending on the jurisdiction but for the postnup to be valid it generally must have the following.
- Both parties must agree to the postnup voluntarily. Coercion or manipulation cannot be used to convince either individual to sign.
- Both spouses must fully disclose their assets, liabilities, and other financial information. The contract must be based on accurate and complete information.
- The agreement must be signed by both parties and notarized. Having the document notarized is not always necessary depending on the jurisdiction but it can provide additional legal validity.
- The contract must be in writing as oral agreements are not enforceable.
- The terms of the agreement must be fair and reasonable, not favoring either party too heavily.
If the above terms are met a judge may deem the postnuptial agreement valid. Reach out to an attorney for additional information and legal assistance.
