Reasons to Consider A Pre or Post Nuptial Agreement
It is apparent that many couples spend far more time prior to the wedding planning its details than they devote to how they actually envision the day to day life of their marriage. A discussion as to how each party views, spends and saves money occurs far too infrequently before marriage.
Agreements entered into before the marriage can provide an opportunity to have those discussions, which can be especially beneficial if either or both of the parties have assets before the marriage, including:
- Retirement benefits;
- Real property;
- Other assets which may be used and contributed during the marriage.
The benefits include that the parties’ expectations and desires are brought out in the open and can be addressed in a positive, non-adversarial manner.
These agreements can provide certainty should the marriage no longer be viable. They can lessen any acrimony that is often present in the dissolution of a marriage and can also protect children from a prior marriage, protect future gifts from family, inheritance, or issues related to a family business.
These discussions can also assist either spouse in making decisions throughout the marriage, including their choice of employment and assessing their future in all events.
Post-Nuptial Agreements can serve a similar function to determine ownership of property but because they are created after the marriage, they maintain a different and higher standard than a Pre-Nuptial Agreement because with the marriage a marital partnership has now been established.
As with the formation of any contract, having the appropriate counsel and representation is essential to ensure a party’s rights are protected, that they are fully informed, and they are entering the contract with a full understanding of its ramifications and that they are doing so of their own free will, among other factors.
Our firm has addressed such issues before the Court.