Bucks County Postnuptial Agreement Attorney
While many people are aware of prenuptial agreements, which are signed before a wedding and identify property interests for each spouse, less are aware of postnuptial agreements that can provide the same benefits for couples after they are married. If you would like to learn more about postnuptial agreements and whether one may be right for your current situation, talk to the experienced Bucks County postnuptial agreement attorneys at Kardos, Rickles & Hand today to schedule a consultation.
What is a Postnuptial Agreement?
A postnuptial agreement is a contract between spouses that identifies property interests and determines how assets will be divided upon the couple’s divorce or when one spouse dies. There are many reasons why a couple may opt to create a postnuptial agreement, such as the establishment of a new business by one spouse or because two families are blending, and inheritance issues need to be clearly defined. Some of the most common reasons for drafting a postnuptial agreement also include the following:
- Help in making good decisions without the stress of marital discord or divorce
- Assist with business succession planning
- Preserve the nature of separate or inherited property
- Clarify responsibilities for special expenses such as college tuition for children
- Because there was not time for a prenuptial agreement
- Help resolve marital problems caused by infidelity or dishonesty
- Provide for each spouse financially in case of divorce
- Keep certain property separate such as business interests, professional practices, or real estate
- Simplify or shorten divorce negotiations or proceedings should they occur
- Provide for other people like children from a previous relationship or disabled family members, and more.
To learn more about why couples choose to create a postnuptial agreement in their relationship, talk to an experienced family law attorney today.
How to Create a Postnuptial Agreement
Like all other types of contracts, there are certain requirements for valid postnuptial agreements. Failure to adhere to the legal requirements of this type of agreement could mean that it gets thrown out in court if challenged by a spouse. A postnuptial agreement must be in writing, signed by both spouses, and notarized. There must be informed consideration, which may include providing financial statements and tax returns for each spouse along with a full disclosure of all assets. The couple must have the opportunity to review the agreement separately with their own counsel, and it cannot be signed because of fraud or due to duress. Finally, the postnuptial agreement cannot be unconscionable, which means that it cannot unduly and disproportionately favor one spouse over the other.
Talk to Our Office Now
Postnuptial agreements can be a great way to identify property interests for spouses, reinforce estate plans, and provide peace of mind after a new business venture or substantial change in circumstances for a spouse. To learn more about postnuptial agreements in Pennsylvania, call the office or contact us today at Kardos, Rickles & Hand in Newtown to schedule a consultation with one of our knowledgeable family law attorneys now.