When you and your spouse are getting ready to marry, you’ll have several important considerations you must make. However, one thing you may not have thought of until after your wedding is whether or not you can benefit from a prenuptial agreement. If this reflects your circumstances, you still can protect yourself in the event of a divorce through a postnuptial agreement. The following blog explores what you must know about these contracts and why it’s in your best interest to discuss your options with a Monroe, Louisiana prenuptial agreement lawyer to ensure the document you create is legally binding.
What Is a Postnuptial Agreement?
A postnuptial agreement is a contract signed by a married couple that discusses how their assets and other matters will be handled should they divorce. Typically, couples will sign a prenuptial agreement before they are married, but there are many reasons that a couple may choose to enter this kind of agreement later in their marriage.
One reason that a couple may decide to create a postnup is because one spouse may come into a significant amount of money from an inheritance. As such, they may wish to protect those funds. Additionally, if one spouse accrues a considerable amount of debt during their marriage, a postnuptial agreement can help ensure the other spouse is not legally or financially responsible for repaying the debt of their spouse.
Aside from property distribution, these agreements can help cover matters like alimony. It’s important to note that postnuptial agreements cannot include terms or conditions regarding child support or custody, as the courts believe the child’s best interest can change over time, and therefore will not honor a preestablished contract.
These documents can help ease the anxiety that couples may feel regarding different finances and assets. This can help both parties feel more secure in their marriage and help resolve disagreements regarding these matters before they even arise.
What Makes These Agreements Valid?
In order for a postnuptial agreement to be legally binding, several conditions must be met. Generally, the first thing that you and your spouse must do is agree to full financial disclosure. This helps ensure each party is aware of the assets and debts of the other before entering the agreement. If it’s discovered that one spouse failed to disclose the extent of their property or debts, the contract can be deemed invalid.
Additionally, the agreement must be in writing, and both spouses must enter it willingly. Similarly, the courts can deem an agreement unfair if it is heavily one-sided and favors one spouse.
If the courts have any reason to believe the agreement is invalid, they will not honor it, putting your assets at risk. As such, it’s imperative to ensure you have an experienced attorney guide you through these matters. Working with an attorney can help ensure that your documents are legally binding, which can help provide peace of mind. Additionally, having an attorney guide you through this process can help ensure the agreement is fair and reflects your best interest.
When you are ready to create a postnuptial agreement, the team at Breithaupt, DuBos, & Wolleson, LLC can assist you through these complicated times. Our firm will do everything possible to make this as easy as possible for you. Contact us today to learn more.
