Post Nuptial Agreements
Postnuptial agreements are not just for people who know they will eventually divorce. They can also be used to safeguard your future interests if you become ill, disabled, or need financial assistance from family members during a significant life change such as retirement. The agreement should include provisions about support and healthcare if applicable so it is important to speak with an attorney before signing on any dotted lines!
Post-nups aren’t only necessary when two parties feel like their marriage isn’t working out anymore; post-nuptials provide peace of mind at all times by guiding couples through what would happen financially if one spouse became sick, hurt or passed away without children who could take over managing finances. It’s never too early (or late)
The couple creates these agreements, and they set out terms regarding:
- Dividing assets
- Splitting debts
- Setting out which liabilities or assets are considered marital property or separate property
This type of agreement serves three primary purposes:
- Protect assets in the event of divorce;
- Provide for the division of assets in case one spouse passes away; or
- Set out the obligations of the parties during the marriage.
The couple can decide to end their marriage as quickly and efficiently as possible by creating a divorce plan. These plans, which include parenting arrangements for children or support payments from one partner to the other, can be made on an immediate basis so that both parties can get back into life without too much stress.
Many people may think that a postnuptial agreement is only for wealthy couples or those who have accrued large amounts of debt, but they must protect both partners. For example, suppose one party hid assets or did not tell the other person about money and other assets before signing an agreement with them.
In that case, it’s more likely than not going to be set aside by court because there was fraud involved- this can include hiding income sources such as investments which should’ve been revealed beforehand, so the partner knew what their financial future looked like. This creates mistrust between spouses when hidden information comes out after marriage later on down the line, which could lead to divorce filings, especially where children were born from these unions, and shared custody agreements would need legal precedent.
When you enter into a postnuptial agreement, there is no contract to hold up the marriage. It needs something else of value for each party to be deemed valid and binding under law. In general, this could come from either side or both, but it doesn’t have any bearing on whether the parties are married yet – only that they may want some consideration before entering into such an arrangement.
Imagine you are about to marry the most amazing person of your life. You have been together for years and can’t imagine anything ever going wrong between you two, but a nagging voice tells you that this might not be enough- so it’s time to take matters into your own hands!
A postnuptial agreement is saying “we love each other” in legal terms. Just because an agreement may disadvantage one party does not mean it’s invalid- some people make poor decisions when they get married or want their marriage dissolved amicably (unless there was fraud involved). Speak with our team at Dream Team Law before signing any agreements yourself; we’ll advise on what type of contract will work best for YOU and YOUR situation, specifically setting up.
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