Prenuptial and Postnuptial Agreements
Whenever a couple begins a marriage or even while they are married, they may be coming from two very different places financially. They may be bringing very different lifestyles together, may be at very different points in their careers, and they may also have a higher net worth, distinct assets and financial holdings that they want to keep separate even after marriage. Regardless of income level, there is a need to protect oneself financially in the event of a split. While no one likes to think a divorce will ever occur, it simply does occur to nearly half of all couples. Because there is that chance, it is vital for every couple to actively protect themselves and their finances before and after they say “I do.”
Prenuptial agreements are put in place at some point before a couple becomes legally married. A prenuptial agreement typically outlines the allocation of funds, support, or the division of assets in the event of a divorce. A couple may want to establish a set amount for a lump sum settlement based on the number of years married. Some agreements may also detail which assets are to remain separate, such as family business or family land that one party wants to keep from becoming marital property. Even if both parties are not considered wealthy, there may be the expectation that one spouse will be worth considerably more than the other during the marriage. A prenuptial agreement can also be arranged to determine how expected wealth or success will be split. A gap in ages between spouses may also prompt the need for a prenuptial agreement. If one party already anticipates being a stay-at-home parent during the marriage, a prenuptial agreement can take what they are essentially giving up financially into consideration.
Both parties should have a family lawyer or some kind of legal representative involved before signing any kind of prenuptial agreement. Doing so without a skilled negotiator in your corner can mean giving up assets or funds that may be legally or rightfully yours.
Also, if someone has signed a prenuptial agreement that no longer fits their situation or one that seems unreasonable as circumstances have changed, a modification of a prenuptial agreement by both parties may be a solution. The law firm of George C. Malonis can help any party ensure a prenuptial agreement protects their rights and their finances now and in the event of a divorce.
There may be times in a marriage where an agreement as to the future of any finances needs to be addressed. A postnuptial agreement can be a valuable tool for couples at any point in their marriage. One reason some couples may undertake the process of legally drafting a postnuptial agreement may be when one party wants to invest in a business or other venture and the other party does not want involved in any way. A postnuptial agreement can protect the individual finances and credit of each party. When there is an agreement made for one partner to remain home and give up a career to raise children, that partner may want the protection or reassurance of a postnuptial agreement that can compensate them for their potential lost income in the event of a divorce.
When it comes to either a prenuptial or postnuptial agreement, the freedom to customize the agreement is vital for couples. The agreements may be modified or canceled at any time if both parties wish to do so. Because of what is at stake, it is imperative that couples retain legal counsel they can count on to act in their best interests. The law firm of George C. Malonis will fight to protect your rights and ensure your postnuptial and prenuptial agreement is the most beneficial for your individual needs.
To schedule a free confidential pre or postnuptial consultation. Call – 978-453-4500.