Marital Contracts and Agreements

In recent years, many people have seen fit to enter into prenuptial and postnuptial agreements. In the event of a divorce, these agreements can simplify the process. A prenuptial or postnuptial agreement does not mean that you are planning for divorce. Instead, it means that you are preparing for the possibility. The fact is that around 50% of marriages end in divorce. Should there be a divorce, prenuptial or postnuptial agreements can provide a useful document detailing the division of assets and how other aspects of the divorce will be handled.

Marital Agreements are for Everyone

There is a misconception that marital agreements are only for rich people. It is true that they can provide an effective means for shielding assets but they are just as applicable for the average couple as they are for the wealthy. They are not just about shielding assets, they are about determining how certain aspects of a divorce should be handled should it eventuate. A prenuptial agreement or postnuptial agreement may be used to detail divorce procedures in the case of infidelity or what will happen in the event that a spouse engages in behaviors that are unacceptable to the other spouse. Establishing the path that a possible divorce will take can substantially reduce the time and cost of any future divorce.

Protect Family Assets

Marital agreements are a useful way to protect family assets that may be inherited by one spouse. It can hardly be considered fair that a spouse would have a stake in a family business that has passed down through generations merely because his or her spouse inherited it during the marriage. The marital agreement can detail which assets are off limits in the settlement. Your family lawyer will be able to give you useful advice on how to shield your family inheritance from any future divorce settlement.

Previously Married Persons

"Marital agreements" are of particular use to people that were previously married. In such cases, financial situations can be extremely complicated. Children from previous marriages may have claim to some of their parent's assets. A marital agreement can successfully shield finances that are already required for child support. This can give valuable peace of mind to someone that has been through the divorce process before.

Guidelines for Marriage

Marital agreements can provide useful guidelines for a marriage. Beyond the financial side of the agreement, they can be used to detail one spouse's obligations to the other. The terms that are agreed upon in the marital agreement can serve as something of a rulebook for the marriage. Premarital agreements can have clauses for everything from marital infidelity to undesirable business dealings. They might also cover areas such as substance abuse and other abuses as well. It can make for a more straightforward relationship when both partners know the rules before they begin the marriage.

Approaching Soon-to-be-Spouses with Prenuptial Agreements

Approaching your soon to be spouse with a prenuptial agreement is not the most romantic of concepts. He or she might be offended at the mere suggestion. Usually the best approach is the most direct approach. Explain the reasons why you feel that a prenuptial agreement is necessary. If your future spouse still feels strongly opposed to the contract, you should consider your next move very carefully. It is not possible to force a prenuptial or postnuptial agreement upon anyone. It is in its nature an agreement. Both parties need to agree to the terms of the contract. These days, more people are open to marital contracts but be warned that they are quite often met with some resistance. One way to assist the process is to involve your partner in the contract creation process.

Prenuptial & Postnuptial Agreements

Prenuptial and postnuptial agreements should always be created with the assistance of a family lawyer. A contract that does not meet certain legal requirements is essentially worthless and will have little to no impact at the time of a divorce. An experienced family law attorney will be able to create an enforceable contract that covers every detail that you wish to include. Creating the contract may take some time. However, that amount of time pales in comparison to the length of a difficult divorce settlement.

Fairness

A "prenuptial or postnuptial agreement" should be created with fairness in mind. It is fair that a spouse receives a share of joint assets. It is also fair that he or she receives child support. It is unfair if they should have access to an equal share of assets that were generated before the marriage or that they should be cut off from assets that are accrued over the course of the marriage. Prenuptial and postnuptial agreements are not about removing a spouse's claim to any assets. Rather the contract is about determining how assets will be disposed of in the event of divorce. If both parties are involved in the creation of the marital contract, it tends to lead to better results. It allows both spouses to outline what they believe to be the essential requirements of a successful marriage. A marital contract can be designed to give multiple outcomes depending on eventualities. Over time, a couple might feel that the marital contract should be altered or discarded altogether. Marital contracts allow alteration as long as both parties agree. Over the course of a marriage, the nature of the contract might change quite substantially.

Prenuptial and postnuptial agreements give peace of mind to many married couples these days. If you are interested in creating an iron clad prenuptial or postnuptial marriage contract, speak to your family lawyer.

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