What is a Post Nuptial Agreement?
Post nuptial agreements are an age-old legal remedy, but only recently have they . More wealthy couples are using this form of asset and liability protection after the wedding, with some entered years later. Post nuptial agreements work like prenuptial agreements in the event of a divorce. However, they are completed after the wedding, while the prenuptial is signed prior.
Why Use a Post-nuptial Agreement?
Typically, a couple notices they have financial disputes during their marriage that they cannot resolve. Therefore, they turn to a post nuptial agreement. With financial issues being the leading cause for divorce, a post nuptial agreement might be a positive solution for couples.
In a postnuptial agreement, the couple outlines how financial disputes are handled, generally identifying which spouse would receive particular assets in the event of a divorce or what amount of (or whether) spousal maintenance might be paid in the event of a divorce.
What is Included in a Typical Post-nuptial Agreement?
The content of a post nuptial agreement depends on the couple and their concerns. However, a properly drafted contract includes separating each spouse’s income, defining the financial boundaries, designating assets, and more.
However, a postnuptial agreement is only as powerful as the law allows. Some regulations apply specifically to postnuptial agreements. Therefore, couples should seek counsel from a family law attorney to see what limitations there may be when drafting their agreement.
An agreement that violates the requirements might be refused by the courts.
Enforcing Post-nuptial Agreements During Divorce in Arizona Family Courts
There is broad deference regarding private party contracts. A post nuptial agreement falls into that category. When a contract overlaps family law, as a post nuptial agreement does, the court might ignore the terms of the agreement that they feel violates family law statutes, even if both parties agreed to the terms.
Because of this issue, it is critical that you speak with an attorney about your postnuptial agreement before it is crafted. While these agreements are helpful, a family law attorney familiar with such agreements should review your agreement to ensure that it does not violate the statute.
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice regarding Post Nuptial Agreements, or any other family law issue, please feel free to contact Steven H. Everts at 480.461.5300, log on to udallshumway.com, or contact an attorney in your area. Udall Shumway PLC is located in Mesa, Arizona and is a full service law firm. We assist Individuals, families, businesses, schools and municipalities in Mesa and the Phoenix/East Valley.