A postnuptial agreement (postnup) is a type of binding contract between two married people. It works in the same way as a prenuptial agreement, as it concerns many of the issues that can come up during a divorce. However, these contracts are executed during the marriage instead of beforehand.
A knowledgeable family attorney can assist in drafting a marital contract that will protect your rights and clarify your financial relationship with your spouse. Talk to a West Miami postnuptial agreement lawyer from our team to learn more about crafting this document.
Reasons for a Postnuptial Agreement
There are different reasons a couple may enter into a postnuptial agreement, many of which might not have been present at the time of the wedding. Changing financial situations or challenges in the relationship might make these contracts a viable option. The support of a West Miami postnuptial agreement attorney can be helpful under the following scenarios.
Children From a Previous Relationship
There are times when Florida’s intestacy laws can conflict with a person’s wishes regarding how their children from a prior relationship are to inherit their estate. A person’s spouse at the time of their passing is entitled to a certain amount (known as the elective share entitlement), no matter how many children are set to inherit. A postnuptial agreement can ensure that those children are awarded the preferred portion of an estate if a parent passes away while married.
Impending Divorce
Some parties use these postnups to set the terms for a pending divorce. While the breakdown of a marriage can be difficult under any circumstances, resolving any disputed issues in this manner allows the parties to negotiate outside of public court proceedings. It is not uncommon for the terms of these contracts to be reflected in the divorce decree.
Large Debts
Not all postnuptial agreements are created due to the assets of a spouse. In many cases, they are drafted to protect one party from the debts accrued by another. When one spouse runs up debt during marriage, it often falls on both parties to cover it. Postnuptials can protect one spouse from the obligations of the other.
Leaving the Workforce to Raise Children
When one spouse agrees to leave their job and focus on raising the couple’s children, they lose out on the potential for career advancement in the future. A postnuptial agreement in West Miami can address this imbalance by ensuring that parent is entitled to a larger share of marital assets should there be a divorce.
Understanding the Legal Requirements of a Postnup
These contracts have formal requirements just like any other agreement. A lawyer in West Miami can make certain that the drafted postnuptial agreement will withstand scrutiny in a court of law.
The agreement must be in writing and signed by both spouses. There must be full financial disclosure between the parties, meaning both spouses are required to be honest about their assets and debts, and omitting this information could void the contract. In some cases, it is necessary for a notary public and two witnesses to sign the document at the time of execution.
Talk to a Postnuptial Agreement Attorney in West Miami Today
If you are considering a postnuptial contract, you could benefit from a discussion with The Florida Family & Probate Law Firm. These matters are complex, but securing an agreement could protect you and your loved ones while providing clarity on the financial situation you share with your spouse. Call today to learn more from a West Miami postnuptial agreement lawyer.