A Prenuptial or Premarital agreement is an agreement made between two people who intend to be married and wish to determine various property and support rights in the event the marriage ends in divorce or death.
It provides a way to resolve these issues in advance to avoid disputes if the marriage ends in divorce and to simplify matters if a spouse dies.
Having a Prenuptial or Postnuptial Agreement does not mean there is a lack of trust between the parties. Sometimes a couple just feels that having an Agreement will save money and emotional distress later if the marriage does not work out or if one of the spouses dies.
A Prenuptial Agreement can set forth what will happen to a couple’s income and assets in the event the marriage ends in death, divorce, or separation.
A Prenuptial Agreement can be utilized by young couples who have never been married and by older people who may have been widowed or divorced and are marrying again.
Older couples that have children from a previous marriage may want to preserve their assets for their children at death. They may utilize a prenuptial agreement to do so. Such an agreement is a method of financial planning so disputes do not arise in the event of divorce or death.
Postnuptial or Post Marital Agreement
A Postnuptial or Post Marital Agreement is an agreement made between a husband and wife anytime after marriage that determines property and support rights in the event the marriage ends in divorce or death.
Both Prenuptial and Post Nuptial Agreements may resolve issues of support, property distribution, debts, retirement assets, homes, stocks, bank accounts and any other property issues that may arise during a marriage.
With either a Prenuptial or a Postnuptial Agreement, it is best if both people are represented by lawyers who can explain their respective rights and obligations to them.