Preferably, a couple should enter into a prenuptial agreement before they get married to obtain the maximum amount of protection in a divorce. For whatever reason, they may not have either thought to sign a prenuptial agreement, or the circumstances may not have supported it. Further, the circumstances may have changed after the couple got married, whether it is due to the nature of the relationship or an improved financial situation. Regardless, a couple may decide to sign a postnuptial agreement after they have been married, which has the same legal effect as a prenuptial agreement.
Couples may have various reasons for wanting to sign a postnuptial agreement that can include the following:
- There are issues in the marriage, and the spouses want to change the financial relationship between them, but they do not want to get divorced.
- There are far more assets involved at this point in the marriage than there were previously.
- Even though divorce may not be on the horizon, the couple may want more clarity about how they would divide their assets if it did happen in the future.
- They wanted to obtain a prenuptial agreement, but they either did not think of it or there was not enough time.
- The couple wants to define their financial relationship during a time when they are more amicable.
How Does a Postnuptial Agreement Work?
A postnuptial agreement unfolds in a similar manner to one that was signed before the marriage. This agreement covers substantially the same things that a prenuptial one would. The postnuptial agreement would determine how assets are to be divided in the event of a divorce. It would also determine spousal support for a spouse who would receive money. A postnuptial agreement does not address issues such as child support because those are determined separately, and they are a right that belongs to the child.
A couple would need to negotiate a postnuptial agreement in the same way that they would for one that occurs before the marriage. They would begin the process by making a full disclosure of the assets that each of them has to the other. Each spouse needs a complete picture of the financial situation, so they can effectively negotiate for their own interests. Further, each spouse also needs their own lawyer because a lawyer cannot represent two parties to an agreement.
A Postnuptial Agreement Is a Binding Contract
A postnuptial agreement is a legally binding contract between the spouses. If it has been negotiated and executed properly, it would be enforced by the court in the event of a divorce. The assets would be divided in accordance with the terms that the two spouses have pre-negotiated.
Even though you are always free to negotiate a postnuptial agreement, you need to do it the proper way. Just like a prenuptial agreement, a postnuptial contract may not be enforced by the court for various reasons, including the following:
- The agreement negotiated was lopsided in favor of one party.
- One spouse did not make a full disclosure of their assets before the agreement was negotiated.
- One spouse was coerced into signing the agreement.
- The agreement contains illegal provisions.
- Neither spouses had independent legal counsel.
Therefore, it is vital that you get the help of an experienced divorce lawyer when you are considering a postnuptial agreement. They can help ensure that you remain in compliance with the law. Not only would your financial interest be protected, but you can have greater certainty that the agreement will be enforced in case it is necessary in the future.
Contact the Marlton Divorce Lawyers at Burnham Douglas if You Need Guidance With a Postnuptial Agreement
If you are seeking help with a postnuptial agreement, speak to the Marlton divorce lawyers at Burnham Douglas. We can guide you through the process, providing you with strategic advice that may be crucial for an enforceable agreement. To schedule a free consultation, contact us online or call today at 856-751-5505. With office locations in Marlton and Northfield, New Jersey, we proudly serve clients throughout the state.