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What are postnuptial agreements and how are they used?

What are postnuptial agreements and how are they used?

| Jan 12, 2021 | Uncategorized

Most Los Angeles area couples have heard of prenuptial agreements. They are common among many couples when they want to protect their assets prior to marriage. But a postnuptial agreement may be less known. There may be reasons why a couple would consider drafting a postnuptial agreement.

Reasons for prenuptial agreements

Postnuptial agreements are agreements that are created after a marriage has occurred, usually years later. There are several reasons why a postnuptial agreement may be created:

  • Anticipation of divorce or separation
  • One spouse’s assets significantly change during the marriage. A spouse may receive a large inheritance and they may want that to remain separate property.
  • A spouse’s behavior abruptly changes. One spouse may become abusive, or dependent on drugs or alcohol. A postnuptial agreement can help a person protect their assets in case a divorce becomes imminent.
  • Modify an existing prenuptial agreement that has become outdated.

Requirements for prenuptial agreements

There are specific requirements in order for a postnuptial agreement to be valid. These include:

  • Both spouses must agree to sign the agreement and cannot be forced to do so using threats, coercion, or use of physical force.
  • The agreement must be fair and not be swayed in one spouse’s favor leaving the other spouse with nothing.
  • Assets must be fully disclosed and if any assets are hidden the agreement is not valid.

A legal professional who is skilled in family law can help a couple who is considering drafting a postnuptial agreement. They can advise them of their options and help them draft a plan that works well for their situation.