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Manhattan postnup agreement lawyers

Unlike a prenuptial agreement that is a contract between two people before marrying, a postnuptial agreement is a contract between married people. A postnup has many benefits. One of the most advantageous is that if one spouse dies or the couple divorces, what happens to their property, assets, and debts has already been decided. Many times both types of agreements are signed to cover assets owned before the marriage and ones accrued after the marriage.

Do You Need a Postnup?

Planning ahead is always a good idea. No one knows what the future may hold, and having a say in how your assets and belongings will be divided is preferable. Your present marriage may be number three or four. If you and your spouse have children from a previous marriage, both of you will want to provide for your children. A postnup can outline exactly what assets go to each child.

A postnup can be invaluable in the event that one spouse dies. It can specify how the assets and property will be divided. Of course, it is advisable to have a will, but a postnup can help to reinforce your wishes concerning the division of assets and property. Again, this is especially helpful if the marriage is not the first for you or your spouse.

What are some of the other ways having a postnup can help? In the event that you and your spouse decide to divorce, you can agree ahead of time on who is responsible for the legal fees. Many people stipulate that each spouse will pay their lawyers unless the divorce is due to marital misconduct. This can include infidelity, domestic violence, and addiction to drugs or alcohol among other behaviors.

If a couple separates or divorces, who will keep the home they shared while they were married can be stipulated in the postnup. If there are other properties, the agreement can also specify which spouse will get ownership of each one. Even retirement accounts and insurance coverage can be included in these agreements.

Although the possibility of any of these things happening is generally the farthest thing from their minds when a couple marries, it is impossible to know what might occur a few years down the road. Being prepared is a wise decision.

What is Included in a Postnuptial Agreement?

A postnuptial agreement is a contract; therefore, it will contain many legal terms and must include all assets. What must be included in a postnup?

1. Assets (individual and combined)

2. Debts (individual and combines, including payment plans)

3. How property will be split if the couple divorces

4. Spousal and child support

5. Full particulars of wills

6. A list of individual and joint belongings of both

7. How future income will be split

An attorney experienced in preparing these contracts should be consulted to ensure that everything is covered. If everything is not included in the postnup, this can void the contract. A legal marital agreement will reduce complications and allow couples to decide how their belongings will be divided rather than the court dictating who gets what. The contract can be amended at any time during the marriage. For example, one spouse may inherit a significant amount of money or property and want to include what will happen to their inheritance in the event of a divorce or their death in the agreement.

In addition to what the postnuptial agreement must contain to be legal, there are stipulations covering how the contract is drafted and signed. The postnup should be drawn up by a lawyer who can state that both parties were of sound mind. It is actually preferable for both parties to have their own lawyer. The contract must be in writing, cannot be unreasonable, and must be with full disclosure. Both spouses must sign the contract voluntarily. It cannot be an oral agreement.

Some couples may shy away from signing a postnup because they think it means that they do not trust each other. The truth is a marital agreement can help to ensure that everything is taken care no matter what happens in the future. Choose an experienced Manhattan postnup agreement lawyer for help when you and your spouse decide this is the right choice for you.

by Leonard on Spodek Law Group
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