What is a Post-Nuptial Agreement?
We have all heard of the dreaded Prenuptial Agreement--a written contract between two people who are about to marry, setting out the terms of possession of assets, treatment of future earnings, control of the property of each, and potential division if the marriage is later dissolved. Oftentimes, neither spouse wishes to discuss the possibility of divorce when they are both still very much in love with one another.
Unfortunately, statistics do not support the idea that a happily married couple will remain as such. So what happens when the couple later regrets their decision to forego a Prenuptial Agreement?
Simple! The couple can execute a document known as a Post-Nuptial Agreement (also sometimes referred to as a Separation Agreement. A Post-Nuptial Agreement works similarly to a Prenuptial Agreement, except it is written and executed after the couple gets married (or entered a civil union), to settle the couple's affairs and assets in the event of a separation or divorce. It may be "notarized" or acknowledged and may be the subject of the statute of frauds. Like the contents of a prenuptial agreement, provisions vary widely but commonly includes provisions for division of property and spousal support in the event of divorce, death of one of the spouses, or breakup of marriage.
Feel free to contact our experienced team of legal professionals to learn more about the legal requirements of prenuptial and post-nuptial agreements.