Before marriages are made official, some couples agree to create a prenuptial agreement. With this agreement in place, they are able to maintain their individual possessions. The possessions that they owned before marriage may be important to them due to a sentimental value or family related aspect. For these reasons and many more, it can be better off to split these assets. This can avoid future arguments over assets. This can be known as separate property.
Assets are listed in a prenuptial agreement to determine which spouse is the rightful owner of the possession. The agreement includes a list of all assets that are to be split between spouses. It can claim inheritance, appreciation of property, spousal support, real estate and fidelity. However, it does not include mention of child support or child custody. Decisions on these factors should not be made in prenuptial agreement. If divorce was to occur, these marital issues will be decided upon at a later time.
How is a prenup legally binding?
To ensure that a prenuptial agreement is legally binding, it must be in the form of a written document. Both spouses should agree to the mentioned factors and to signing the document without persuasion or any other methods involved. Voluntary agreement on behalf of both parties is vital. To make it the document an honest portrayal of both parties, there needs to be a full financial disclosure presented in this agreement. The agreement must prove to be fair and just for both spouses involved. When it is decided upon, it must be notarized to prove that it is legally binding.
Can spouses get this agreement made after marriage?
Although prenuptial agreements are supposed to be made before marriage, there is a way to split assets after marriage. Postnuptial agreements are an option that married couples can choose. Since these agreements are made after the official marriage between two individuals, it is called a postnuptial agreement. However, it is similar to a prenuptial agreement. A full financial disclosure should be presented. Spouses will name what possessions belong to each of them as an individual and not in the marriage. These agreements might happen later due to a newly acquired business or asset that was not present before the marriage. It may also include an inheritance that was recently acquired or a family heirloom that came into your possession. With these items claimed in the document, there will be no confusion or mix up over who it legally belongs to.
The Law Office of Peter L. Jameson, PLLC is an experienced divorce and family law firm located in New City, NY. It is essential to retain effective legal guidance during such pivotal times in life. Contact our firm today to discuss your legal matter and get the quality legal representation you deserve.