You may have heard of the term prenuptial agreement, but what about postnuptial agreement? A postnuptial agreement is similar to a prenuptial agreement, except it is signed after the marriage. A postnuptial agreement or antenuptial agreement is an agreement made after the parties have already married.
The agreement can be used to settle the property rights and support obligations in the event the marriage ends in divorce. Postnuptial agreements are held to a higher standard of review because of the close relationship between the parties at the time the document is signed.
It must be fair and reasonable at the time it was entered into, as well as at the time a party is seeking enforcement of the agreement.
What are some reasons you might sign a post nup?
- A prenup was discussed before the marriage but never executed.
- To claim responsibility for financial debts incurred by one spouse, such as gambling, or credit card debt.
- One spouse is about to be a stay at home parent.
- One of the partners has children from another marriage.
- To settle property rights.
- To set up a schedule of alimony/spousal support payments.
- Both partners have significant assets.
- The marriage is having a rough patch and the future is uncertain.
- One spouse has inherited money and wants to protect it in the event of a divorce.
The main difference between a post nup and pre nup is that it signed post marriage. An agreement typically accounts for the couple’s assets expenses including; real estate and vacation homes, businesses and business assets, retirement accounts, alimony and maintenance, legal fees, expert fees, insurance issues and so on. A post-nuptial agreement, however, cannot address custody of support of children as those issues remain with in purview of the Probate and Family Court.
A qualified divorce attorney should be involved in the process of drawing up a postnuptial agreement in order to educate you about your rights and responsibilities.
We can help you make sure your postnuptial agreement is legally sound in Massachusetts. This is important, especially in high-net-worth divorces and laws do vary from state to state. Arrange a meeting with us today if you need an attorney for postnuptial agreements in Massachusetts. Please contact Mansur Law Group today at (978) 341-5040.