What is a Prenuptial Agreement?
A prenuptial agreement, often referred to as a “prenup,” is a contract between two people who are planning to live together and possibly get married. While the conditions of a prenuptial agreement can vary depending upon the preferences of the couple, most prenuptial agreements outline what will happen financially in the case of a split. Usually, these financial specifications deal with what will happen with property in the event of a separation or divorce, as well as what types of payment, such as alimony, either party will make.
What is a Postnuptial Agreement?
Similar to a prenuptial agreement, a postnuptial agreement is also a contract between two people in a committed relationship. Unlike a prenuptial agreement, though, a postnuptial agreement made between two people who are already married or have entered into a civil union. The purpose of a postnuptial agreement is generally to provide financial protection to both parties in the case of a divorce or separation. Both prenuptial and postnuptial agreements have the same impact in the event of a divorce.
Prenuptial and postnuptial agreements might be beneficial for a number of reasons and can provide the following protections for those who enter into them:
Protection of property in the case that one person owns property prior to marriage that he or she wishes to keep in the event of a divorce
Defining “who gets what” in the case a divorce occurs, including property, assets, money, vehicles, etc.
The conditions needed to create an enforceable prenuptial or postnuptial agreement are complex. Great care must be taken to eliminate any conditions that might make the agreement unenforceable down the line. For example, both parties need to have the ability to be represented by counsel, and the agreement cannot be made too close in time to the wedding. There are several conditions that can make a prenuptial or postnuptial agreement unenforceable; a prenuptial agreement may be invalid if signed under duress, coercion or without mental capacity. If one or both spouses did not disclose their assets or if the agreement contains unreasonable conditions, it might be invalid.
A family law attorney can help guide you and your spouse to create a prenuptial or postnuptial agreement that will be enforceable. At Deno Millikan, we are happy to provide you with more information about the terms of both pre and postnuptial agreements and help you with any legal questions. Contact us today at 425-259-2222.