Is it too late for a prenuptial agreement?

prenuptial agreement A prenuptial agreement is a drafted contract that is created by two people prior to getting married. The prenuptial agreement is basically a list of all of the property and debts that each individual owns prior to the marriage, and it specifies what the property rights of each person will be after the marriage. A prenuptial agreement is basically used to clarify financial rights, get protection from debts, and avoid arguments over property division in the case of a divorce. Unfortunately, if you are married and contact North Georgia Family Lawyers, LLC to fill out a prenuptial agreement, it will be too late. However, DeKalb County family law attorneys can assist you with another option, known as a post-nuptial agreement.

What is a Postnuptial Agreement?

When couples marry, they generally agree to share all of their assets, including bank accounts, property, and debts. These assets, including the debts, may be subject to division in the event of a divorce. Your DeKalb divorce attorney will discuss with you in detail how the assets may be divided up, such as an equitable split. However, couples that have entered into a prenuptial agreement prior to their marriage will already have the parameters for property/asset division in place should a divorce occur. This means that there will not be any disagreements on a division of assets because the “division” occurred before the marriage. A postnuptial agreement drafted after the marriage occurs by divorce attorneys in DeKalb GA. It is a contract that contains a general overview of how assets acquired after the marriage will be divided should divorce occur.

Why You Would Need a Postnuptial Agreement

One of the most common reasons couples visit DeKalb divorce lawyers for assistance in developing a postnuptial agreement is to speed up the process when they are considering a legal separation or divorce. For example, a postnuptial agreement may be incorporated into the divorce decree if it already addresses the division of property and spousal support. A postnuptial agreement may also help to make sure that children from a previous relationship/marriage are entitled to specific assets through inheritance, relieve on of the parties of debt or irresponsible financial decisions that were incurred after the marriage by their spouse, to clearly define each party wants/needs for assets that were brought to the marriage, and financial resources for minor children of both parties.

Validation of a Postnuptial Agreement

A postnuptial agreement may include a variety of provisions regarding the division of assets and property following a divorce; however, it typically cannot include the provision for child custody or child support. Even if the postnuptial agreement has the specific conditions outlined and both parties agree on the contents of the postnuptial agreement, there are certain conditions that must be met in order for it to be validated, including:

  • The agreement must be in writing
  • Neither party was pressured to sign the postnuptial agreement under distress/duress
  • The agreement was read and understood by both parties
  • The agreement cannot contain incomplete or false information
  • There are no invalid provisions included in the agreement
  • The agreement may not be grossly unfair to one party

Neither party suffered a lack of counsel from a DeKalb County divorce attorney, meaning one party cannot be solely responsible for seeking counsel without the consent or knowledge of the party at the time of development of the agreement

It is important to note that when a couple chooses to visit their DeKalb County divorce lawyer to develop a postnuptial agreement, it doesn’t automatically mean that they are legally separating or considering a divorce. Couples may enter into a postnuptial agreement for many reasons, such as when one spouse gets a financial windfall, such as an inheritance or lottery winnings if one of the spouses spending habits are leading to financial stress or one spouse has encountered legal problems during the marriage or couples may choose to draft a postnuptial agreement as a way to simply define what each party wants/needs for the property/assets that they brought into the marriage. If you have questions or concerns about your need for a postnuptial agreement, a DeKalb County divorce lawyer will be knowledgeable in addressing your questions and concerns about whether a postnuptial agreement will be beneficial for you and your spouse.