Many people are aware of prenuptial agreements and what they have to offer; these contracts are signed by both parties prior to marriage to secure assets and finances. However, the terms of a prenuptial agreement do not always reflect the circumstances that ultimately come to be in a marriage; nor are they always created in the first place. What happens when life changes call for a reassessment of finances or assets after marriage? In the case of divorce or separation, will one spouse get the majority of the assets if a prenup wasn’t signed? Not if a postnuptial agreement was created.
A postnuptial agreement works similarly to a prenuptial agreement. It is put in place when something changes in the marital partnership. Say a couple recently cosigned on a business together or one spouse decides to become a stay-at-home parent. In these types of situations, the postnuptial agreement allows each party to lay out exactly how finances and assets will be divided should the marriage ultimately end.
A postnuptial agreement must:
- be a voluntary arrangement for both parties;
- let both parties consult an attorney who specializes in postnuptial agreements; and
- give clarity to property owned and finances shared.
If the agreement meets the requirements above, a Missouri court will enforce it if/when the couple separates or divorces.
Reasons for a Postnuptial Agreement
A marriage, like life, is ever changing, and what worked for a couple when they were first married might not be what works for them now.
A few reasons a postnuptial agreement might be needed are:
- one spouse committed infidelity;
- one spouse was given an inheritance;
- one spouse decided to retire or raise their children at home; and/or
- the couple has purchased property.
The result of a postnuptial agreement is a common understanding of how property and finances will be handled should a separation or divorce come to pass. It takes the stress and worry out of what would very likely be a difficult experience.
Call Smith Law Offices, LLC for Help
If your marital situation has recently changed and you’re looking to draw up a postnuptial agreement, reach out to Smith Law Offices, LLC today. We are a St. Charles law firm with 30 years of marital law experience. Together, our attorneys can help you draw up a pre- or postnuptial agreement that sets your mind at ease about all future endeavors that may occur during the course of your marriage.
Call our firm today at (636) 400-1177 or contact us online for a case evaluation.