Once the spouses are legally wed, they have the option to sign and create a postnuptial agreement. Usually, the estate owner will form the paperwork to protect certain matters. If there are children, assets, liabilities and other holdings such as property, the estate owner may want to ensure they pass on through a certain process or protect them in the event of divorce. While the postnuptial usually cannot divide marital property without following state guidelines, it may put various provisions in place depending on the actions of the other spouse. It is crucial that a lawyer review the paperwork to ensure it is valid and enforceable in the courts.
The Separate Property Provision
Most marriages mingle the assets and property of each individual together, and they become marital property. However, as long as certain property is separate from the other person in acquiring and keeping, it may remain with the person that obtained it after the marriage ends. Sometimes, this includes items one person had before the marriage began. Some states have varying degrees of how this works and may require provable paperwork through receipts or other proof. This provision cannot supersede the state laws that govern separate property. However, through this provision, both parties are able to keep what belongs to them before and during the marriage.
Defining What Marital Property Encompasses
Whether the items are actually separate property or part of the marital property, the postnuptial protects the estate and each party through defining what the marital property is and what this encompasses during the life of the marriage. This could divide various items, separate a house or split accounts based on the provisions of the postnuptial agreement. As both parties in the marriage must agree upon the terms, the divorce process, if it does happen, will process through the agreement according to the specifics unless it contradicts state laws. This could help move the divorce along quickly.
Maintenance for Each Spouse
The postnuptial may provide a maintenance provision through establishing support for one or both parties. During the marriage, one or both may take on a primary or secondary role in raising children, seeking education for better employment opportunities or becoming a stay at home parent. This provision may establish the type and how much support the other person will receive during the marriage as well as after the relationship is over. Some may agree to no support after the divorce process concludes due to the extra support during the marriage. Through signed documentation, the judge may accept this provision.
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