Assets and debts change during a marriage, and many couples need to address these concerns as part of their overall financial plan. A postnuptial agreement could help accomplish this by outlining financial rights and responsibilities for a couple during marriage, identifying and reserving separate assets for one party to own and manage, and addressing guidelines for marital asset division in the event of a future separation, divorce or death.
If you need or would like assistance with any of these issues, consulting with a Rochester postnuptial agreement lawyer may be a wise choice. At Tully Rinckey PLLC, our team of considerate and experienced family attorneys know exactly how to help you identify your needs and represent your best interests on your behalf.
A postnuptial agreement could help married parties avoid future disagreements over issues such as a business they started together or update a premarital agreement due to changed circumstances.
Addressing financial issues and establishing clear rules can be an effective way to reduce friction over marital economics. If the involved parties ever decide to divorce, the postnuptial agreement may be adopted in whole or in part.
Drafting an Enforceable Postnuptial Agreement in Rochester
A couple may execute a postnuptial agreement after a legal marriage takes place. This agreement is a legal contract that addresses marital rights, including ownership of assets and distribution of debts. An enforceable postnuptial contract requires both spouses to make a full disclosure of all marital and separate property.
Furthermore, a valid and enforceable postnuptial agreement must be in writing, executed by both parties who sign voluntarily, signed and acknowledged in the presence of a notary, and stamped with the notary seal. Each party should seek independent legal advice from a postnuptial agreements lawyer in Rochester prior to signing as well.
Issues That May Be Addressed in Postnuptial Agreements
Nearly any provision regarding the property, assets, or debts of a married couple could be included in a postnuptial agreement. Common terms addressed in a postnuptial agreement include:
Identifying separate property owned by each party, such as assets (and debts)
Defining joint property and establishing ownership of each asset in the event of divorce
Establishing spousal support if a divorce occurs, including waivers of support
Setting terms for supporting children from a previous marriage
It should be noted that, unless a couple is divorcing, only family courts have jurisdiction over issues of child custody and support. While these issues can be incorporated into a postnuptial agreement, Rochester courts always consider the best interests of the child over the contractual obligations of the parents.
Challenging and Enforcing a Postnuptial Agreement
A postnuptial agreement may be challenged by either party as invalid. In response to such a challenge, the court reviews the agreement and determines from the evidence presented if the agreement is enforceable.
Typically, agreements may be set aside if one of the parties was coerced or under duress when signing, a party failed to fully disclose all assets, the agreement is extremely one-sided to the point that it leaves one spouse destitute, or the agreement is fundamentally unfair.
Contact a Rochester Postnuptial Agreement Attorney Today
Postnuptial agreements can be a great tool to help couples clearly understand their rights and responsibilities regarding assets. It can separate assets and debts between the parties, which may in turn streamline asset and debt distribution in the event of a legal separation or divorce.
It does not matter whether you have many assets or few—the legal team at Tully Rinckey PLLC can tailor your postnuptial agreement to fit your needs. An experienced Rochester postnuptial agreement lawyer from our firm is available to explain how one of these agreements could help you. Call us today 8885294543 or email firstname.lastname@example.org to set up an initial consultation and get started on your case.
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