MARITAL AGREEMENTS
Marital Agreements are often used to clarify property or support issues between parties.
People who are planning to get married may benefit from Pre-Marital or Pre-Nuptial Agreements. After a couple is married, they may wish to specify certain matters in writing that pertain to their relationship. These documents are referred to as Post-Marital or Post-Nuptial Agreements.
- Pre-Nuptial Agreements
These documents are drafted prior to a marriage to classify specific assets as individual property. This is done in order to protect those assets from a property interest claim by the future spouse, their dependents or other entity, in the event of divorce or death of the client. Clients often use these agreements when they wish to protect their assets for the benefit of their children from a previous marriage.
- Post-Nuptial Agreements
In limited situations, these agreements can be used during a marriage to re-classify marital property into individual property. If properly drafted, clients may be able to retain this individual property so that it is not divided at the time of subsequent divorce or death.
All marital agreements, whether drafted before or during a marriage, must be determined by a court to be equitable, in order to be enforceable. In order to meet the equitability test, all three of these specific elements must be present:
- Both parties must make fair and reasonable disclosures to the other spouse regarding his or her financial status;
- Both spouses must enter into the agreement freely and voluntarily; and
- The agreement must be substantively fair, which is determined on a case-by-case basis.
There are many common situations in which a Marital Agreement may be needed. Our office will be able to assist you in making that determination.