When you got married, you may have felt that a pre-nuptial agreement was unnecessary, either because you didn’t plan to divorce, or you didn’t have enough property to justify drafting one.
However, it is common to accumulate more property with your spouse over your marriage. Your situation may also change. One of you may quit your job to raise the children or receive a large chunk of money from an inheritance, and suddenly a post-nuptial agreement can seem like a good idea.
Advantages of a post-nuptial agreement
A post-nuptial agreement can cover many different topics besides just property division. Your post-nuptial agreement can include terms on alimony, spousal support or any other financial issues that you choose.
When you divorce, your property must be classified as either separate or marital property. Separate property consists of assets and liabilities that you owned prior to the marriage and that remained your separate property during the marriage. It is not included in the property that must be divided in a divorce.
Marital property is property that was acquired during your marriage, and that you must split when you divorce. A post-nuptial agreement allows you to determine which property is included in the marital property mix and how it will be divided, making your divorce more efficient and reducing the chance of conflict.
Can a post-nuptial agreement be challenged?
You may have heard that there are ways to get out of a post-nuptial agreement, and it is true that sometimes the terms of a post-nuptial agreement can be deemed unenforceable. Therefore, it is important to have a strong post-nuptial agreement that could potentially withstand a challenge from your spouse in a divorce.
You and your spouse should both have separate attorneyss when drafting your post-nuptial agreement. An attorney can make sure the terms are fair and in your best interest.