While prenuptial agreements are more common, a postnuptial agreement is a contract that couples enter after they are married to help ensure a smooth division of assets in the event of a separation such as a divorce, or after a spouse’s death.
Especially for couples who are on their second marriage or simply couples who are getting married later in life, there is a lot of assets that were earned prior to the marriage. A postnuptial agreement can be used to show that there’s a mutual respect amongst partners stating that anything acquired prior the marriage and during the marriage. It also makes the divorce processor quicker in the event the relationship turns south.
Usually, the partners have separate lawyers representing them understanding the mutual goals of the postnuptial agreement. Each partner will have to take inventory of their assets. The postnuptial agreement will also address issues such as spousal support and property in the event of a death. However, if there are children – child support and custody cannot be determined in the postnuptial agreement.
In order for the agreement to be enforceable the following conditions must be met:
- It must be in writing
- It must be done voluntarily
- It must be done with full disclosure
- It must be done in good faith (not lopsided)
- It must be signed by both spouses
If you would like to inquire about drafting a prenuptial agreement, please contact one of our family law attorneys in South Jersey.