A post-nuptial agreement is a legal contract between a married couple. It outlines the division of assets and liabilities in the event of a divorce.
There are generally two primary reasons for wanting to have a Postnup:
Expedite the process if there is a divorce
To propose terms that are different from legal norms. l so what does it
- Financial matters covered include:
- Property division – who gets to keep what.
- Spousal support – will there be alimony and if so how much, for how long
- Marital debts – who is responsible for paying want bills.
- Child custody – will there be joint or shared custody, will there be a visitation schedule
- Child support – how much will the non-custodial parent insurance benefit
- Will one party be responsible fo medical insurance for the other?
- What happens with retirement or life insurance?
Depending on where you live, the standard division of assets will either fall under community property or equitable division.
The common practice is for all community property to be divided equally between the spouses. Property proven has separately owned usually goes to their respective owner.
For equitable distribution assets and liabilities that were accumulated during the marriage are divided equitably between the spouses. It is important to note that equitable does not mean equal but rather what the court considers as fair division.
Situations when you might need a postnup:
- Poor financial – habits what happens when one partner engages in irresponsible
- Spending behaviors such as compulsive shopping or gambling.
- Change in work status in the event one party stops working for example due to disability or to stay home and raise the children.
- Family inheritances if one party received an inheritance that he wants to define ownership to in the event of a divorce.
- Career success if one partner is doing really well he might want to define the division of assets in the event of a divorce.
- Infidelity In case your partner is cheating it would make sense for you to request an agreement outlining the division of assets if they are to divorce.
You might need a lawyer to prepare a post-nuptial agreement if the spouses are doing a postnup in less-than-ideal or even hostile circumstances it is strongly advised that both parties employ their own legal counsel.
Another reason for using legal assistance is when there is a large amount of financial assets or liabilities involved.
If you decide to use a do-it-yourself post-nuptial agreement instead, it is strongly advised that:
- You take into account possible future complications. such as a change in working status or becoming unable to work due to injuries or an illness.
- You must clearly state all assets and liabilities and your state law will apply to any missing item or worse yet the court could use this as a basis to nullify the contract.
- You must make specific arrangement for debts and liabilities, including making any necessary name changes and adjustments to account holder information.
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