A prenuptial agreement is very common in the world of family law. Many people create these agreements to protect their assets in the case of a divorce. Postnuptial agreements are also common, but people are often not familiar with the difference between the two types of agreements.
A prenuptial agreement is created with a family law attorney before a marriage or civil union takes place. The agreement is actually a contract and covers many different family law issues. Prenuptial agreements can contain a variety of terms depending on the situation. The document details how the couple will divide their assets if they decide to divorce in the future. Some agreements have specific stipulations, such as forfeiture of certain assets in the case of adultery.
Both parties involved should have their own family law attorney during the creation of the prenuptial agreement. There are many issues to consider and individuals who complete these agreements without assistance can overlook serious concerns. These can include spousal support and what happens to individual assets if one of the parties dies after the divorce. Prenuptial agreements must be entered into voluntarily and the family law attorneys can ensure that this is clear before the documents are signed.
Postnuptial agreements are created after the two parties have already been married or entered into a civil union. The postnuptial agreement is a contract that specifies how assets will be handled if the couple divorces or separates. These types of family law contracts have only been popular for a few decades, but people find them very helpful in the case of a separation.
There are a few common types of postnuptial agreements. One type deals with assets if one person dies. In these cases, the other partner waives the right to property or assets that he or she would normally be entitled to under inheritance laws. Some agreements address the issue of alimony. Typically, the parties waive the right to alimony. The contract may also address the division of property that was acquired before or after the marriage or civil union. It’s important for both parties to work with a family law while creating postnuptial agreements so that the interests of both people are protected.