Due to the ever increasing rate of divorce in this country, more and more couples are protecting themselves in the event that their marriage does not work out through prenuptial agreements, which are also known as antenuptial agreements. A prenuptial agreement is a legal contract which sets forth the rights each party has to non-marital property in the event that there is a divorce, legal separation, or one of the parties dies. To be a valid agreement, two things are required:

1. there is full and fair disclosure of the earnings and property of each party, and;
2. each party has consulted with separate legal counsel of his or her own choice, or has had the opportunity to consult with counsel.

Though not romantic, prenuptial agreements are a good option for people with substantial assets or for couples who may have children from a previous relationship and want their assets passed on to their children in the event of their death.

Postnuptial Agreements

It is not too late for couples who are already married to enter into a legal contract to protect their assets in the event of legal separation, divorce or death.  A postnuptial agreement acts the same as a prenuptial agreement, but is entered into after the couple is already married.

Full and fair disclosure of prenuptial agreements is still required.  In addition, a postnuptial agreements has to fair and equitable at the time it is entered into as well as when it is enforced.  A postnuptial agreement is only valid if each party has separate legal counsel at the time it is entered into.

Postnuptial agreements are not as commonly known as prenuptial agreements; however, particularly in cases of second marriages where each party has their own children, they can be a powerful tool in keeping peace and ensuring assets are protected.

If you are considering a prenuptial or postnuptial agreement to protect your wealth and property, contact Holly R. Frame of Frame Law, LLC.