Antenuptial agreement. Postnuptial agreement. Prenuptial agreement. You have more than likely heard of a prenuptial agreement or a “prenup,” which is executed prior to the marriage and defines divorce terms for both spouses in the event a divorce ever occurs, but many people have never heard of a postnuptial agreement. A postnup is executed by both spouses after the marriage has taken place. These types of documents can be complicated and may troublesome for an existing marriage for those uneducated on their benefits.
This article will go over what postnuptial agreements are, why they are useful and the reasons why a married couple may want to utilize the agreement to their advantage after they’ve tied the knot.
What is a Postnuptial Agreement?
In the state of Alambama, after two people have been married, they are free to get a legal document that divides their property and assets after the marriage has been finalized in the event it terminates. This document is sometimes referred to as marital property agreement or postnuptial agreement.
Why Get a Postnup?
These are important documents because a valid postnuptial agreement will be enforceable in court if you’re ever divorced. Without an agreement, state law, and the Judge’s discretion, will control the division of your property and spousal rights and benefits. By entering into a postnuptial agreement, you and your partner will control those issues.
Difference Between Postnup and Prenup
A prenuptial agreement is a legal contract that a couple enters into prior to marriage that outlines all the terms of divorce in the event of divorce. A postnup (postnuptial agreement) goes into effect after the marriage takes place.
Reasons to Get a Postnuptial Agreement
Here are a few of the most beneficial reasons that a married couple would want to get a postnuptial agreement:
Clarity on Assets
It is incredibly helpful to be able to communicate your wants and needs clearly and that decisive communication translates into a couple deciding on getting a postnuptial agreement when they are discussing the parameters of the assets after marriage. Going into the marriage, everyone has assets they want to take out if ever the unfortunate divorce may happen. It does not lessen or cheapen the marriage, but shows that each party is adult enough to understand that there is a business side to every marriage.
Safety Net of Responsibility
There are times a postnup can help if one of the spouses has issues with spending or not being financially responsible. A postnuptial agreement might also be helpful if one of the spouses has encountered legal trouble during the marriage.
There are times when one spouse may get an inheritance, win a large sum of money or get a job with a huge pay increase and a postnup helps to protect the couple while also keeping their assets in check for the future.
What is the UMPA?
The Uniform Marital Property Act (UMPA) sets the requirements for making a marital property agreement or postnuptial agreement. The Act allows spouses to vary the characterization of their property from state laws. The agreement must be in writing, and signed by both spouses. The agreement cannot attempt to change any duty to support children of the marriage.
The UMPA lists several issues that spouses can cover in the agreement. These rights include:
- the rights in any of their property
- the management and control of any of their property
- the disposition of any of their property on divorce, death, or any other occurrence they choose
- the modification or elimination of spousal support and
- the obligation to make a will or trust to carry out the agreement
Enforcement Of Postnuptial Agreements
A postnuptial agreement is valid and will be enforced by the court if:
- each spouse made fair and reasonable disclosure to the other of his or her financial status
- each spouse has entered into the agreement voluntarily and freely; and
- Each party had the advice of independent counsel prior to entering into the agreement.
Quality Legal Help That Offers Peace of Mind
At Brackin Law Firm, we get the results you deserve when you need them most. With more than 40 years of experience, we can provide comprehensive care and representation tailored to your needs and unique situation.
We are here to help advise and draft any legal documents you may need for the betterment of your future. Contact us today for the best legal services in Baldwin County. We are ready to help you understand your legal options and create the best case for your interests.