Criteria for a Legally Binding Postnuptial Agreement
You have likely heard of a prenuptial agreement—a contract people enter into before they get married that outlines many issues related to the marriage, including property division and responsibilities should the marriage end in divorce. However, not as many people are familiar with postnuptial agreements, which have similar benefits and functions but are created and signed after a wedding happens. Postnuptial agreements have been growing in popularity, and thus more attorneys find themselves explaining their benefits to clients.
If you are interested in developing a postnuptial agreement, it is important you carefully research the terms and requirements outlined by the state. However, you can expect the following criteria to be required for such an agreement to be considered legally binding:
- Fair: The agreement must be fair in the eyes of the law. It cannot be extremely one-sided, ask one person to do anything outrageous or require them to give up certain rights.
- Written: Oral agreements for prenuptial and postnuptial agreements will not be considered legally binding. The agreement must be in writing if it is to be enforceable.
- Signed: Both spouses must sign the agreement, and it should also be signed by a notary public to make it official.
- Voluntary: Both parties should enter into the agreement of their own free will. If evidence emerges that either was influenced or forced into entering the agreement under duress or against their will, the agreement is deemed invalid.
- Disclosures: Both parties are required to fully disclose information about their finances, including income, owned assets, property and debts.
To learn more about the benefits of a postnuptial agreement and the steps you must take to create that agreement in a legally binding manner, contact an experienced attorney at Bryan L. Salamone & Associates.