Postnuptial Agreements

What is a Postnuptial Agreement?

A postnuptial agreement is a contract between married couples that determines how property, assets, debt, and liabilities are handled in case of divorce or death. It provides peace of mind and protection, especially for high-net-worth couples. A lawyer can help draft, negotiate, and review the agreement. Consulting an experienced marital agreement attorney is essential to explore all options.

Reasons to Consider a Postnuptial Agreement

Couples decide to enter into a postnuptial agreement for many reasons. A valid marital agreement must have certain characteristics. Both spouses must enter into the agreement voluntarily, with full knowledge of its terms, and the contract should be fair and reasonable.

If one spouse brings significant assets into the marriage, a postnuptial agreement can protect them in case of divorce. Similarly, it can help with estate planning by specifying how assets will be distributed upon death. A postnuptial can also assist with resolving potential disputes about property or financial matters in advance.

Before signing a marital agreement of any kind, both spouses should consult independently with an attorney who could advise them of their interests. Call a postnuptial agreements lawyer in Owings Mills to learn more.

Types of Provisions in Postnuptial Agreements

Postnuptial agreements are designed to address various concerns that may arise if the parties divorce or there is a sudden death. Most commonly, couples contemplate provisions related to the following:

• Property division

• Child custody and support

• Spousal support

• Estate planning

A postnuptial agreement might contain several provisions, including identification and distribution of assets, alimony payments, and other primary issues.

Identification of Assets and Debts

The agreement should clearly identify all assets and debts owed by the spouses, including real estate, bank accounts, investments, and any liabilities.

Distribution of Assets

A postnuptial can specify how assets will be divided in the event of a divorce or death. This may include dividing assets equally, assigning specific assets to each spouse, or using a formula-based approach unique to the couple’s contributions.

Payment of Spousal Support

The agreement can specify whether spousal support will be paid and, if so, the amount and duration of those payments. It may also include provisions for modifying alimony if circumstances change significantly.

Custody Arrangements and Child Support

A postnuptial can address custody arrangements for children, including physical custody, legal custody, and visitation rights. In addition, it can specify the amount of child support to be paid and how it will be calculated.

Distribution of Assets Upon Death

Postnuptial agreements can also specify how assets will be distributed upon the death of one or both spouses. Couples may waive their rights to property, assets, inheritance, spousal support, or other matters. During an initial consultation, an Owings Mills lawyer could provide more information on postnuptial agreements.

Consult an Owings Mills Postnuptial Agreements Attorney Today

The laws surrounding postnuptial agreements can be challenging to navigate without legal assistance. An Owings Mills postnuptial agreements lawyer could help plan and put together a contract that meets both spouses’ needs and preferences.

While no one likes to contemplate difficult circumstances like divorce or the unexpected death of a spouse, a postnuptial agreement can protect both side’s interests.

Contact Nguyen Roche Sutton today to schedule a complimentary meeting with a seasoned family attorney.