People who are planning to get married or married spouses who want to plan for the future may want to consider a pre or post-nuptial agreement. These agreements can be useful to address a variety of issues and to reduce the chance of conflict in the future. Sarah Carmody Law, LLC, can discuss how these agreements may benefit your particular situation.

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What is a prenuptial agreement?

A prenuptial agreement is a written document made in anticipation of marriage that characterizes the property of the parties and can set forth how certain property and debt is to be treated if the parties separate. For example, a prenuptial agreement can specify that certain property and any increase in the value of that property (e.g., interest, equity, etc) will remain that party’s sole and separate property, with the other having no claim to it.

To be valid, a prenuptial agreement must be entered into voluntarily, signed by the parties and be fair in its terms.

What is a postnuptial agreement?

A postnuptial agreement is similar to a prenuptial agreement, except that it is entered into by spouses during a marriage. A postnuptial agreement sets forth how property, debt and support issues are to be handled if the spouses separate or divorce. A postnuptial agreement can be incorporated into a divorce decree.

A postnuptial agreement can be beneficial to minimize the chance of a lengthy, expensive and complicated divorce in the future. These agreements increase the chance of an amicable dissolution of the marriage.