A postnuptial agreement is a contract between spouses that functions much like a prenuptial agreement, except that it was created after the couple tied the knot. Like prenups, however, postnuptial agreements allow spouses to preclude lengthy legal battles over certain assets and debt should the marriage ever end.
Postnuptial agreements can strengthen a marriage by clarifying and reducing conflicts over financial matters. These agreements can cover various issues, such as property division, spousal support, and debt. Couples use postnuptial agreements to ensure that both parties clearly understand their financial situation and responsibilities, promoting transparency and trust.
Why Do People Get Postnuptial Agreements?
Married couples choose postnuptial agreements for various reasons to provide clarity and security within their marriage. These agreements help manage financial responsibilities and protect individual interests as circumstances change.
These are some common reasons why couples opt for postnuptial agreements:
- Significant financial changes: A postnuptial agreement may be relevant when one or both spouses experience a substantial change in financial status, such as an inheritance, winning a lottery, or a dramatic increase in income.
- Business ownership: A spouse may consider a postnuptial agreement to protect a business or professional practice, ensuring that it remains separate property in case of divorce.
- Inheritance and estate planning: A postnuptial agreement can define how assets will be divided and ensure that certain family heirlooms or properties are preserved for children from previous relationships.
- Debt management: To specify how existing or future debts will be handled, preventing one spouse from being held responsible for the other's financial liabilities.
- Marital issues: To address and resolve ongoing conflicts about money and assets, helping to rebuild trust and improve the relationship.
- Blended families: To clarify financial responsibilities and asset distribution for children from previous marriages, ensuring that everyone’s needs are considered.
- Stay-at-home parents: To provide financial security for a spouse who has left the workforce to care for children or manage the household.
By addressing these issues, postnuptial agreements offer peace of mind and clarity. They can help ensure that both spouses are on the same page regarding financial matters, fostering a more stable and transparent relationship.
Can I Use a Postnuptial Agreement for Child Custody?
While parents can discuss and agree on preferred child custody arrangements within a postnuptial agreement, such terms are not legally binding.
The courts prioritize the best interests of the child when making custody decisions, so they aren’t bound by agreements between parents if those agreements do not serve the child's welfare. Judges may consider these preferences because they demonstrate that the parents exercised forethought but will ultimately make custody decisions based on what they believe to be best for the child.
What If I Signed an Unfair Postnuptial Agreement?
If you agreed to an unfair postnuptial agreement, you might have legal recourse to challenge its validity. Courts scrutinize postnuptial agreements to ensure they were made voluntarily and without coercion.
If you believe the agreement is unjust, demonstrating that you were pressured into signing it, lacked full knowledge of its implications, or didn't receive adequate legal advice at the time can be grounds for contesting it. Full financial disclosure is essential in these agreements; if your spouse hid assets or provided misleading information, the court may deem the agreement invalid.
That said, you can prevent having to fight against an unfair postnuptial agreement by consulting with an attorney who can help you understand this contract before signing it.
Contact Us for Legal Assistance
Don't leave your financial future to blind chance. Professional legal assistance can ensure that a postnuptial agreement secures your rights and responsibilities. An experienced attorney can ensure this contract complies with all legal requirements, helping you understand your options, negotiate fair terms, and represent you in court if necessary.
When you need legal assistance related to a postnuptial agreement, contact Kay Polk, Attorney at Law today.
