While no one expects their marriage to end in divorce, some couples in Mankato may want to take legal precautions if their relationship does not stand the test of time. Like the well-known prenuptial agreement, postnuptial agreements allow couples to determine the division of their property or other assets if the marriage comes to an end.
Postnuptial agreements can be complex legal matters. To ensure you and your spouse reach an agreement that is legally sound and suits your needs, it is in your best interest to enlist the help of an experienced family law attorney. At Knutson + Casey, our experienced lawyers know the ins and outs of family law and are committed to helping you negotiate and draft a postnuptial agreement that fits you and your family’s unique needs.
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The main difference between a prenuptial and a postnuptial agreement is whether the contract was created before or during the marriage in question. A prenuptial agreement is a legally binding contract signed by both partners before the wedding.
On the other hand, postnuptial agreements are drafted after the spouses are wed. Some couples may feel the need to have financial procedures in place in case their marriage comes to a close. It is not uncommon for a couple to seek a postnup during periods of strife or separation in their marriage. However, a couple may want an extra level of legal protection for countless reasons.
Both documents serve as detailed records of how assets and property should be divided if the marriage ends in divorce. The postnuptial agreement may also lay out the division of debts, income, inheritances, or significant joint purchases.
When first entering into marriage meant for life, many couples find the idea of prenuptial or postnuptial agreement insulting. However, one or both spouses may change their minds on their financial arrangements in the event of divorce as time passes. Postnuptial agreements could provide the framework if a divorce were to occur. A postnup can also replace a prenup if the couple wishes to change their financial arrangements following their marriage. A postnup may help couples bring clarity to their marriage in other ways, such as:
Additionally, a postnup may be agreed upon by couples already planning to divorce. Postnuptial agreements can often help the divorce process proceed smoother and cut down on the couple’s legal expenses. A detailed postnup that establishes the division of property and any spousal support may be included directly into the divorce decree. Although, it is essential to note that the court is not legally bound to honor a postnup and may deviate from it if it is unfair to one spouse. This is why it is essential to consult an experienced Mankato postnuptial agreements attorney to ensure that your postnup is fair to both parties and legally sound.
Marital agreements like prenups and postnups must meet specific requirements to be considered valid. Your Mankato prenuptial agreement lawyer will work with you to ensure that the agreement contains the required components and that you are treated fairly and equitably. A postnuptial agreement must have the following elements to be legally sound:
A postnuptial agreement may be considered invalid in Minnesota if either party files for divorce within two years of the document’s execution. However, the judge may honor the contract if it is fair to both parties.
Many couples who may never have considered a prenup may find that they require a postnup as their marriage evolves. At Knutson + Casey, our family law attorneys are committed to ensuring your rights and interests are protected through this legally dense process. Your lawyer will be your fearless advocate in all negotiations to ensure your agreement is both fair and legally sound. We are dedicated to making this process as stress-free as possible so you can have peace of mind that your future is in capable hands. To learn more and schedule a free consultation, call us at (507) 344-8888 or complete our contact form today.