Prenuptial or Postnuptial Agreements
A Prenuptial Agreement should define:
- List all assets, liabilities, income, and expectations of gifts and inheritances.
- Describe how premarital debts will be paid.
- Resolve what happens to your premarital property in reference to appreciation, gains, income, rentals, dividends and proceeds of such property- in the event of death or divorce.
- Decide who, or if both of you, will own the marital residence and secondary homes in the event of death or divorce.
- Specify the status of gifts, inheritances, and trusts either spouse receives or benefits from, whether before or after marriage.
- Clarify what will happen to each type of property, whether jointly or individually owned, such as real estate, artwork and jewelry.
- Figure out alimony, maintenance, or spousal support, or provide for a waiver or property settlement instead of support (to the extent allowable by law).
- Detail death benefits, stating what you will provide for in your will.
- Determine whether life insurance protection is needed.
A postnuptial agreement is very similar to a prenuptial agreement except that it’s signed by the parties after marriage. These agreements can sometimes be used to work out issues that may be causing problems in a marriage and help the couple avoid divorce.
A Postnuptial Agreement should define:
1. All of the marital assets and debts
2. Income of both parties, future gifts, inheritances expected
3. A plan debts payment should be outlined in the event of a divorce
5. Property distribution in the event of death or divorce