(150+)Most individuals are familiar with prenuptial agreements, but fewer have heard about postnuptial agreements. As the term implies, a postnuptial is entered into after the parties have already been married, rather than before as with a prenuptial.
If you have concerns for how a future divorce may impact your finances or property, it’s time to consider a postnuptial agreement. But these agreements are not only used to handle potential divorce issues. Greenville, SC divorce lawyer Angela Frazier can examine a postnuptial agreement in-depth with you.
Why Would a Spouse Want a Postnuptial Agreement?
As with a prenuptial, a postnuptial agreement can dictate the financial terms of a future divorce if indeed the marriage comes to an end. Usually this includes matters such as property and debt division and alimony, but it’s not limited to these.
Entering into a postnuptial agreement doesn’t necessarily mean a divorce is on the horizon. But as with a prenuptial it can help the spouses rest easy knowing that, if the marriage does end, certain issues have been resolved ahead of time.
If the spouses have had marital difficulties, a postnuptial may help them reconcile. For example, it could set limits on the right of one spouse to receive alimony. It may also alter how property would be divided in the event of a future divorce, something that may not have been an issue before some misbehavior such as adultery occurred. The postnuptial can therefore be a condition to the parties’ continued marriage.
Finally, a postnuptial can address changed circumstances that have taken place since the date of marriage. For instance, one spouse may have developed an illness during the marriage. As detailed in the next section, postnuptial agreements can dictate the spouses’ respective responsibilities in managing a business. This may be necessary if, due to the illness, it is now impossible for him or her to handle the company’s affairs.
Terms to Include in a Postnuptial Agreement
Deciding what a potential divorce might look like is certainly a top reason for spouses to sign a postnuptial agreement. However, as indicated below, these agreements serve other purposes.
Postnuptial agreements can cover:
- The ownership rights, whether separate or marital, over specific assets in case of divorce
- Each spouse’s rights to their future earnings
- Whether and to what degree either or both spouses will be responsible for current or future debts
- How income streams such as dividends or insurance proceeds will be allocated
- The ownership and management of a business that is owned by either or both spouses
- Both spouses’ entitlement to death or insurance benefits
- Determination of how an inheritance will be used
- The rights of each spouse to alimony in case of divorce, which may include waiving it
- Marital reconciliation terms
Issues involving children (e.g. child support and child custody) are not enforceable and should be left out.
Can Postnuptial Agreements in South Carolina Be Enforced?
There are a few basic ingredients to ensuring that a court will uphold a postnuptial agreement:
- Both spouses must retain independent counsel to review proposed terms and advise them.
- There must be a full financial disclosure between the spouses regarding their property, income, and debts.
- The agreement must be entered into by both spouses freely and voluntarily.
- The property division included in the agreement must be fair to both parties.
How Our Postnuptial Agreement Lawyer in Greenville Can Help
Whether you desire a postnuptial or have been presented with one, Greenville, SC family attorney Angela Frazier is ready to assist. We will provide independent legal representation to help ensure that the terms are fair and that the agreement meets the above criteria. We can negotiate on your behalf, consider counteroffers, and suggest additional terms you may wish to include in the agreement.
In the event of a divorce, if the postnuptial agreement is challenged, we can defend its validity in court. Conversely, if you feel that the postnuptial agreement was somehow invalid and wish to challenge it, we can do so.
Have questions about postnuptial agreements? Reach out to Elliott Frazier — Family, Personal Injury, & Car Accident Attorneys, LLC today.
