For many married couples, aspects of the relationship will change over time. With these changes may come adjustments in a couple’s financial future and assets. Couples could address these changes and protect their individual financial futures in a legal document known as a postnuptial agreement.
An experienced attorney could help you with drafting this contract and ensuring its legal enforceability. These agreements are useful for couples that want to update a prenup or those who never had time to make an agreement before the wedding. A Thousand Oaks postnuptial agreement lawyer could assist with every aspect of the process.
A postnuptial agreement is a contract. That means it must meet the basic elements of state contract law to be enforceable. According to state law, a post-marital agreement must be in writing, and both spouses must sign the contract
There are other factors outside of these technical requirements that could render a postnuptial agreement null and void. Like with any contract, both parties to a postnup must enter into it without any undue influence. This means there can be no duress or coercion that bullies one spouse to sign. Each party is only bound by the agreement if they have an accurate picture of the couple’s financial position. This means if one or both spouses fails to fully disclose their assets, it could result in a viable challenge to the agreement in the future. Furthermore, because the agreement is between parties to a marriage, each party must comply with their fiduciary duties when negotiating and entering into such an agreement.
There are many financial aspects of a couple’s life that a postnup could alter. These contracts could determine the division of assets or the necessity of spousal support upon divorce. They are also useful tools for protecting the inheritance of stepchildren born from a prior marriage. These documents could even have specific terms related to infidelity or a spouse’s role in the marriage in general. There are many viable uses for a postnuptial agreement that are best discussed with a Thousand Oaks attorney.
One of the benefits of a postnuptial contract is that it can be modified at any point, should it no longer meet the current needs of the spouses. The requirements for these changes are the same as for creating a new postnuptial agreement. The updated agreement must meet all of the technical requirements and also come with full disclosure.
Modification of a postnup is helpful in cases where a couple’s financial situation changes significantly. For example, if a spouse accumulates a large amount of debt or inherits significant assets. Before attempting to amend the terms of a postnuptial contract, it is important to seek the guidance of a lawyer in Thousand Oaks.
Entering into a postnuptial agreement does not mean a couple is planning on divorcing, or even that they expect trouble in the future. By working out financial issues in the beginning, conflicts can be prevented in the future. If you have questions about how this type of contract could be useful to you, a Thousand Oaks postnuptial agreements lawyer could help. Call today for a confidential consultation.