Wedding planning might include choosing a cake, deciding on a venue and buying the perfect rings. While some couples also include a premarital agreement in their plans, they can also choose to create a postmarital agreement.
A postmarital agreement is executed after a couple marries, instead of before, and there are several reasons a couple may decide it is right for them.
Postmarital agreement requirements
In order for the postmarital agreement to be valid, it must be in writing, entered into without misrepresentation and each party must provide accurate financial information. It cannot be signed under duress and each party must be given adequate time to read and understand the contents of the agreement.
Common situations
When the couple marries, they are usually agreeing to share their assets. This includes their money, property and even their debts. If the couple decides to divorce or wants to legally separate later, they may choose to create a postmarital agreement to address topics such as division of property or spousal support.
They should keep in mind, however, that while they can present the court with their postmarital agreement, the court is not required to accept it.
Couples may also want to complete a postmarital agreement to ensure children from previous relationships receive an inheritance. In situations where one spouse takes on a large amount of debt or demonstrates that they have difficulty managing their finances, the couple may want to address how debts will be managed if they divorce.
It’s important that a postmarital agreement is drafted correctly and addresses all of the items the couple wants to include. An experienced family law attorney can help.