Postnuptial Agreements Lawyer in Minnesota Help You Prepare for Worst Case Scenario
It’s normal for couples not to want to think about the end of their marriage when it’s only just starting, but planning for your financial future if things don’t work out is important. Think of it like an insurance policy for your marriage. A postnuptial agreement makes it easier to know what will happen with the property division and financial matters so you can focus on what’s important during this time. Find out what you need to know about postnuptial agreements in Minnesota below.
Discussing a postnuptial agreement doesn’t mean there are problems with your relationship. It just means that you’re taking the steps you need to protect both of your financial futures. Call TVA Law Office today to talk about what kind of postnup may be right for your situation.
What Is a Postnuptial Agreement?
A postnuptial agreement is the same type of document as a prenuptial agreement — except it is created after the marriage instead of before. A postnuptial agreement is a legally binding document that lays out how the parties want to divide assets and handle financial matters if they were to get divorced in the future. Postnuptial contracts are drawn up and agreed to by both parties and then signed, which makes them legally binding. If the couple divorces, later on, one or both parties can request that the judge enforce the postnuptial agreement.
Why Do I Need a Postnuptial Agreement?
In a divorce, one of the main considerations is property division and financial matters, such as alimony. The courts are primarily looking at what property is considered marital property — and therefore subject to equitable division — or separate property. A postnuptial agreement lets you decide how the property will be divided in the divorce, so there is no confusion or arguing when it comes time. Postnuptial agreements can save a lot of time — and money — by speeding up the divorce process and leaving fewer things to have to agree on later on.
What Can a Postnuptial Agreement Include?
Postnuptial agreements are governed by specific rules about what they can include and how they need to be drafted to be enforceable. Postnuptial agreements can generally deal with anything related to property division or finances other than child support. This means whether alimony will be paid and under what terms can be included in a postnuptial agreement, as well as things like who gets to keep the house or how debt will be divided. A postnuptial agreement cannot include anything on child custody or child support. It’s important to ensure that what you include in a postnuptial agreement isn’t frivolous or outside the bounds of these types of documents. If it is, it’s possible for the judge to decide that the entire agreement isn’t valid. If your circumstances change, a postnuptial agreement can be modified at any time as long as both parties are in agreement.
Should I Use an Attorney for a Postnuptial Agreement?
When it comes to your financial future, you want to make sure that any documents or contracts you’re drawing up have the benefit of experienced legal counsel. And this includes a postnuptial agreement. It may be tempting to draft a postnup on your own, but it’s not just about whether you and your spouse agree on the terms. An attorney can help you evaluate the agreement with a more critical, objective eye and make sure that it represents your interests. Many people sign a postnup assuming that they will never need to use it, only to find out later that they agreed to much less than what they were entitled to. You should always have an attorney look over any legal documents before you sign so that you can understand what you’re agreeing to and what it could mean for your future.
If you’re ready to start drafting a prenuptial agreement, call TVA Law Office at 651-571-8547. You can sit down with an experienced family law attorney at a consultation so you can discuss why you think you need a postnuptial agreement and what you want to make sure gets included.