Getting married is an exciting time. When you are in love, it is hard to imagine that one day you might have a change of heart or that the worst can happen. However, it is important to protect your pre-marriage assets in case something goes awry and it can be beneficial to do so at a time where both parties love and respect each other. While people often want or expect their marriages to last forever, and sometimes they do, it can be very helpful to have a clear plan in place if the time to separate ever comes.
Prenuptial agreements signify a level of trust in a relationship and allow for peace of mind that comes with knowing that you are protected in case of a divorce, infidelity, or death. A prenuptial agreement, or “prenup” for short, is a legal agreement between a couple that is made before marriage to ensure that any assets acquired before, or sometimes during, the marriage are protected. It can also help you make important decisions regarding asset division, future alimony payments, and more.
A postnuptial agreement is similarly a written contract that couples can enter into after legal marriage. The agreement addresses legal issues that would arise in the event of a divorce, separation, or in the event either spouse passes away. A “postnup” is similar to a prenuptial agreement or “prenup” in that it helps simplify a future divorce process and protect each spouse’s financial interests in the event the marriage ends.
It is important to note that child custody and support cannot be included in a pre or post nuptial agreement. This is because a significant amount of time may pass between the time the parties sign their pre or post nuptial agreement and the time of separation. The court wants to be able to assess the current needs of children at the time of separation or divorce and acknowledges factors (such as where the child(re) attends school, mental health needs of the child(ren), the child(ren)’s friend groups and social support, etc.) may change significantly from the time the parties enter their agreement to the time that child custody needs to be determined.
Again, both pre and post nuptial agreements are a sign of trust between the parties and can help mitigate conflict if the time of separation and divorce should come. If you are considering either a pre or post nuptial agreement, please contact Team Jess to schedule a consultation!