When the financial situation between spouses changes, a postnuptial agreement may be the answer. These marital contracts are similar to prenups, but they are drafted after two people are legally married. The reasons for creating these arrangments vary, but they are useful tools in many different scenarios.
A hard-working marital agreements attorney could review your circumstances and assist you with deciding on your best plan for the future. If that involves drafting a marital contract, you can improve your chances of a favorable outcome by speaking with an Ellsworth County postnuptial agreements lawyer.
Postnuptial agreements are formal contracts between two married people. They must be executed in writing and signed by both parties in front of a notary. The agreements are legally binding so long as the documents are drafted in a way that complies with state law.
First and foremost, both parties must enter into these contracts into voluntarily. A person must sign willingly, without the presence of coercion or fraud. Both parties also require full disclosure of each other’s assets and debts. After all, a person cannot give their full consent without having all the relevant information.
The scope of these documents can be broad or narrow. They could apply to a single transaction, like noting that a family business belongs to one spouse and is not marital property. Alternatively, these contracts could spell out all of the terms for divorce. Some examples include property division and spousal support. Due to the complicated nature of these postnuptial agreements, it is best to work with an attorney in Ellsworrth County.
There are many different reasons why a person might agree to a marital contract after they are already married. Changing circumstances might require a formal agreement even though one wasn’t necessary prior to the wedding. An Ellsworth County lawyer could draft a postnuptial agreement for the following reasons:
One common reason why two spouses might be interested in drafting a contract is the recent accumulation of significant debt. Normally, spouses will be liable for each other’s obligations. If one spouse runs up a tremendous amount of debt and does not want to burden their spouse with it, they might propose language that certifies they are solely responsible for what they owe.
Because of the way spouses inherit from each other on their passing, children from a previous relationship could be short-changed of their inheritance. Language in these agreements could make certain that the children are protected should their parent pass away.
Judges are required to divide property in a way that is equitable during a divorce. In some situations, the only way to do that is by selling off assets and using cash to make both parties whole. If a closely held business is an important asset, the only way to balance things might be to sell it. Of course, liquidating a successful business could be a worst-case scenario for some couples. Contractual language could make it clear one party is the sole owner.
While it might seem strange to enter into a contract after the marriage takes place, many people have a reason to do so. It is important to ensure a document meets all of the requirements under the law. An Ellsworth County postnuptial agreements lawyer could assist you with deciding on the right path forward. Call us today to book an appointment.
