When Do You Need A Prenuptial Or Postnuptial Agreement?
Prenuptial agreements are useful in many circumstances. If you have substantial assets or debts prior to marriage, these agreements can reduce the likelihood of misunderstanding during the marriage and will aid in settling many issues should a divorce occur.
A prenuptial agreement should never be entered into on the eve of a wedding, and both parties should be represented by independent counsel to ensure the agreements are valid and enforceable. The lawyers at Travers & Travers are experienced in preparing and analyzing prenuptial and postnuptial agreements and can advise you on all the aspects of these documents.
A prenuptial agreement is a contract between the parties which governs the character, distribution and management of assets. A prenup can allocate spousal support or surrender that right, and the distribution of debt.
The important element is that the discussion be done well in advance of the wedding and there are no issues of duress or pressure and that both sides are represented by their own attorney or lawyer.
A postnuptial agreement is similar to a prenup, except it is entered into during the marriage. It can be used to protect one spouse’s family business, characterize property as separate or community, protect children from a prior marriage or allocate debts of the couple. During a marriage it can help to set expectations and may reduce conflict.
Similar to prenuptial agreements is the importance of disclosure and transparency, as well as the need for each party to the agreement to be represented by an experienced family law attorney to ensure they fully understand the terms of the agreement they are signing.
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