What Are Premarital Agreements And Postnuptial Marital Agreements?
In a regular divorce case, you reach what is called a marital settlement agreement, which is a settlement of all of the issues between you and your spouse. A premarital or postmarital agreement is the same thing with the exception that you are not getting divorced. A premarital agreement is an agreement that you reach with your fiancé. You want to resolve all of the issues that could possibly come up in a divorce case, in advance of the marriage. If the marriage ends up failing, you don’t have to fight because you have written down everything you want and everything your spouse wants, and it is already taken care of.
Postmarital agreements sometimes arise when parties are having some trouble. They’re not at the divorce point yet but they are at the point where they want to resolve their issues, so if their relationship does escalate into divorce mode, they can look to that postmarital agreement for how they’re going to resolve their marital issues.
What Are The Biggest Incorrect Assumptions That You Find People Have About Pre And Postnuptial Agreement?
There are not a lot of misconceptions about postnuptial agreements because the parties are already married and know each other. As far as premarital agreements, the higher wage-earning spouse cannot just have their fiancé sign off the day before the wedding and think that they are going to protect all of their things. It is a very complex process that involves a full exchange of financial information. There are many things you need to comply with, so that it is clear that the other party has full knowledge of everything that is happening. You’re not going to trick the other person or catch them at the last moment, and end up protecting all of your rights.
At What Point Do You Recommend Couples Start To Discuss Or Implement A Premarital Or Postnuptial Agreement?
If you are considering a premarital agreement, you want to do it as far in advance as possible of the wedding. The closer you get to the wedding the more evidence the other party will have that they were somehow coerced or put under duress into signing the agreement. You must have full financial disclosure, so that both parties can fully review everything, understand what they’re doing, have time to reflect on it, and take away any possible arguments that they were pushed into this agreement. Postmarital agreements come up when people are recognizing that maybe their marriage is going downhill and they want to resolve the issues while they have a clearer, calmer head.
What Are Components That Constitute A Solid Premarital Or Postmarital Agreement?
The most important component of the premarital agreement is the exchange of financial disclosure. Generally speaking, premarital agreements come about because one of the parties has much more income and/or assets than the other party and they are trying to protect that money. What is most important is that everything, whether it’s marital or non-marital, is disclosed. Both parties have to have time to review all the information and to consult with an attorney.
Postmarital agreement is the same, although you’re already in a marital relationship. Many times, even in marriage, there’s one party who has a lot more financial knowledge than the other of what’s going on in the financial relationship. That all has to be exchanged, so that both parties are clear on what there is and what there isn’t.
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