For a lot of people, having conversations related to finances and potential future end of a marriage can be pretty uncomfortable. However, entering an agreement to keep oneself protected can be a smart choice in several situations. In many ways, marriage can be seen as a long-term partnership, and it makes sense to establish a proper framework related to it ahead of time to avoid conflicts down the line. An expert family lawyer like Ron Phillips New York can help in drafting postnuptial agreements based on the particular situation of a couple.
A postnuptial agreement is meant to be a safeguard for couples after they get married, so that each can protect themselves in the event of a divorce. This legal contract generally outlines how assets shall be divided after a divorce and what each individual in the marriage would be entitled to. It may also include several other provisions that the couple agrees on.
There are three distinctive, but related; types of postnuptial agreements relevant in the US, they are:
- A means for providing spousal support and diving assets: This is the most common type of a postnuptial contract, and is meant to underline how the assets and liabilities of the couple shall be divided in the event of a divorce. Such agreements also address matters of spousal support and alimony, and often involve provisions stating that one spouse waives the right to such support in exchange for a particular marital property. Martial property implies to the real estate acquired by the couple during their marriage. Assets and other property each spouse brought into the marriage might also be covered under such a postnuptial agreement.
- A mechanism for parties to agree to waive spousal rights in case one party dies: This type of agreement focuses on how the property and other assets of a couple would be divided in the event of the death of either of the spouse. Usually, this postnuptial agreement can supersede state laws or a will, providing certain property rights to the spouse. By choosing to sign such an agreement, both parties agree to waive any rights they would otherwise have to inherit property or other assets after the death of a spouse.
- A template that can be used as a separation agreement in the future: This contract looks almost like a separation agreement, and addresses how child support, child custody and spousal support shall be handled in a divorce, as well as how the assets and liabilities of the couple shall be divided. Such a postnuptial agreement might later be incorporated into the divorce decree, thereby limiting the expenses and time associated with divorce proceedings.
Couples can get their postnuptial agreements made through any knowledgeable family lawyer like Ron Phillips New York. The financial and living situation of all couples differs from one another. An expert family lawyer can tailor a postnuptial agreement that specifically addresses the concerns of their client.