A prenuptial agreement is an agreement signed by a couple before the marriage ceremony occurs. So while you cannot sign a traditional prenup after marriage, the legal system provides an alternative known as a postnuptial agreement. These agreements serve a similar purpose, allowing married couples to decide on the division of their assets and financial responsibilities should the marriage end by divorce or death. Postnuptial agreements not only help in clarifying financial expectations, but also offer a measure of security that in some cases can even help to strengthen the marriage.

What Is a Postnuptial Agreement?

A postnuptial agreement is an agreement, or legal contract, signed by spouses after marriage, outlining the management and division of assets and financial responsibilities in the event of a divorce or death. Unlike prenuptial agreements made before marriage, postnuptial agreements can reflect changes in the couple’s financial situation or relationship dynamics during their marriage. They typically cover the division of property, debt responsibilities, and spousal support, without assuming an intent to separate. In cases where marriages have faced infidelity or financial irresponsibility by one party, a post nuptial can help secure the financial aspects of the relationship without requiring that the parties separate or divorce.

Are Postnuptial Agreements Enforceable?

Postnuptial agreements are intended to be legally binding, much like prenuptial agreements. However, for these agreements to be enforceable, they must strictly comply with state laws, which vary across jurisdictions. They must be written and voluntarily signed by both parties, including ensuring full financial disclosure. Any lack of transparency or evidence of coercion can invalidate the agreement. Courts also prefer that both parties had the opportunity to seek independent legal advice, ensuring that neither was unduly pressured into agreement. When these conditions are met, postnuptial agreements are typically upheld by courts, providing clear financial directives and strengthening marital relationships. In New York, courts hold a very high standard for the manner in which these agreements are executed in order to enforce them.

Factors to Consider Before a Postnuptial Agreement

Before signing a postnuptial agreement, couples should consider several important factors:

• Financial changes: Any significant changes in financial status or assets since marriage, such as inheritances or career advancements, might necessitate a postnuptial agreement to define and protect these new assets.
• Protection of assets: Decide which assets will remain as separate property and which will be shared as marital property, especially for future estate planning or potential separations.
• Children from previous relationships: A postnuptial agreement can secure inheritance and financial provisions for children from previous relationships, safeguarding their future rights.
• Marital dynamics: Shifts in marital roles or goals, like one spouse becoming a stay-at-home parent, can impact financial agreements and require updates through a postnuptial.
• State laws: Local laws heavily influence the terms and enforceability of postnuptial agreements, from asset division to spousal support.

Couples should view postnuptial agreements as collaborative efforts, facilitated by legal counsel to ensure fairness, compliance with laws, and alignment with the couple’s current needs and future goals. These agreements however, cannot bind the parties to how they will exercise custodial rights nor can they waive rights to support of the children.

How to Get a Postnuptial Agreement

Obtaining a postnuptial agreement involves a thoughtful process that should be guided by legal professionals to ensure its validity and enforceability. Here are the essential steps couples should follow:

1. Assess needs: Begin by discussing and assessing the need for a postnuptial agreement with your spouse. Consider why it’s necessary and what you aim to achieve with it.
2. Full disclosure: Both partners must provide a full and honest disclosure of their financial assets and liabilities. This transparency helps prevent the agreement from being challenged or even invalidated in court.
3. Draft the agreement: Work with experienced family law attorneys who understand state laws and can advise you on what is and isn’t needed for your specific situation. They can then draft an agreement that meets your specific needs and circumstances. The attorney should ensure that the agreement is balanced, fair, and complies with all legal standards.
4. Independent legal advice: Each spouse should have their own attorney review the agreement. This step helps prevent conflicts of interest and ensures that both parties fully understand the terms and implications of the agreement.
5. Signing the agreement: Once the agreement is drafted and reviewed, both parties should sign it in the presence of a witness or notary. This formalizes the agreement, making it a legally binding document.

Following these steps helps couples make sure that the postnuptial agreement is robust and reflects the intentions and needs of both spouses, providing clarity and security for the future.

Speak With a Family Lawyer Today!

To ensure that your agreement aligns with your marital and financial goals and is legally sound, the aid of a skilled family law attorney is indispensable. An experienced attorney can provide thoughtful advice, tailor an agreement to your specific needs, and guide you through the legal process.

Don’t leave your financial future to chance. Contact us to schedule a consultation with our family law team today to protect your assets and secure peace of mind for tomorrow.