Many people have heard of prenuptial agreements made before a marriage, but not everyone knows that they can do a postnuptial agreement during the marriage. These agreements are often done as a failsafe for divorce. Postnuptial agreements are often done after both partners experience marital problems and become concerned about the possibility of divorce. Prenuptial and postnuptial agreements are popular because they can save time and money if a divorce ends up happening. Talk to a Tennessee family law lawyer to find out more.
What Are Postnuptial Agreements?
Postnuptial agreements are legal agreements made ahead of time to prepare for the event of spouse death or divorce. These agreements define the distribution of property. This property division decides what property each spouse owns before the marriage and what property interest each spouse will keep after the divorce.
This means property owned before the divorce will remain that spouse’s property after the divorce. Property interest is based on the initial investment in that property by each spouse. This property interest division can be broken down in percentages of what money was invested in that property by each spouse during the marriage.
What a postnuptial agreement can do is make the percentages fifty-fifty, so the property investment is divided by half if the marriage ends in a divorce. To make a postnuptial agreement official, you and your spouse will have to both agree and sign on the terms of the contract. Two witnesses must also sign this contract to make the deal official.
Benefits of Postnuptial Agreements
There are different benefits that postnuptial agreements have to offer. Signing a postnuptial agreement does not mean you want a divorce to happen, but rather, this agreement serves as an effective back-up plan for the worst-case scenario. Most people sign these agreements to avoid the hardship and potential legal battles involved with divorce.
The legal benefits of postnuptial agreements involve deciding ahead of time on separate property, marital property, and pre-marital debt. Pre-marital debt is any debt brought into the marriage by you or your spouse. A postnuptial agreement can decide whether the debt will stay with whichever spouse in the event of a divorce. Separate property decisions will make sure you can keep the property you owned before the marriage after the divorce.
These agreements can also set up alimony for use during or after the divorce. Financial support can be agreed on for children from a previous marriage brought into the marriage with your current spouse.
Family Law Lawyer in Tennessee
Figuring out what to put in your postnuptial agreement and how to go about this process can be difficult. Consider contacting Davis Law Firm at 865-354-3333 to talk to an experienced Family Law lawyer in Tennessee. Our offices are located in McMinnville, Johnson City, Sparta, Kingston, Crossville, Cookeville, and the surrounding areas. We will work with you to navigate through the postnuptial agreement process and will help you create an agreement that is fair. If you encounter problems in the event of a divorce, our team of lawyers may be able to help you defend your rights.