Although many people have heard of a prenuptial agreement—commonly known as a “prenup”—before, married couples may also enter a “postnuptial agreement.” This agreement is made after a couple enters a marriage and designed to protect assets acquired during the course of the union.
In order to create a valid postnuptial agreement, both parties must fully disclose each of their finances, each obtains their own legal representation when drafting the document, have a reasonable amount of time to come to an informed decision, and reach an agreement that is fair and equitable. The agreement must also be in writing and notarized without coercion or duress.
The following are some of the most common reasons married couples draft postnuptial agreements:
Clearly establish which assets are considered marital and separate property.
Determine how property is divided in the event of a divorce, instead of leaving the decision up to the court.
Change the terms of their prenuptial agreement.
One spouse’s financial circumstances have significantly changed, such as receiving a promotion, getting a raise, obtaining a large inheritance, or the sale of a business.
Financial insecurity is impacting the quality of the marriage.
One or both spouses wish to establish financial support for children from a prior marriage or relationship.
Remember, New Jersey courts will review postnuptial agreements more thoroughly compared to prenuptial agreements because of the fiduciary duty of care between married couples to provide for one another in every way. Not only is it a requirement to hire an experienced family law attorney to create and help validate a postnuptial agreement, but it is also in your best interest to have a lawyer protect your finances.
If you and your spouse are interested in drafting a postnuptial agreement in Somerset County, contact DeTommaso Law Group, LLC today at (908) 274-3028 to schedule a consultation. Our legal team has more than 125 years of collective family law experience!