5 things you need to know before signing a postnuptial agreement

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What are postnuptial agreements?

Postnuptial agreements are written contracts between two parties who are already married. Similar to a prenup, the contract allows you to specify how your financial assets would be divided should you ever get divorced. Even happily married couples think about protecting their assets should life take them down separate paths. In this case, a postnuptial agreement can save bad feelings, time and money.

Both spouses MUST sign postnuptial agreements

For a postnup to work, you and your partner both need to sign! If one spouse doesn’t agree to the terms of the agreement, then the contract won’t be legally binding. At the same time, if one of you refuses to sign, you may need to find an alternative solution.

Can your postnup can be changed or revoked?

If, for some reason, either you or your partner want to change or reverse your postnuptial agreement, you can. But, to do this you both need to consent to the alterations in writing. Like any other type of contract, for changes to be enforced you will need to sign on the dotted line!

What’s covered in postnuptial agreements?

Once you’re married or you enter a civil partnership, you can draw up a postnuptial agreement can be drawn up. This contract will determine how your shared assets would be divided in the event of a separation or divorce.

Some of the terms covered in a postnuptial agreement include:

• Distribution of assets in the event of divorce or death
• Spousal support arrangements
• Division of property and debt acquired during the marriage
• Estate planning and inheritance provisions
• Business ownership and management agreements
• Rules for making large purchases or investments

When is the best time to get a postnup?

When your marriage is facing significant change, protecting your assets is a must. If either you or your partner are starting a business, inheriting significant assets, dealing with debt or considering a divorce, signing a postnuptial agreement could be your saving grace. But, you don’t need to justify signing the paperwork; you can get a postnup at any point during your marriage!

Your spouse can take legal action if the agreement is violated

If there’s a violation of your postnup terms, the non-violating spouse has the right to take legal action to enforce the agreement. This may involve seeking a court order to encourage the other party to comply with the rules, such as dividing property or awarding spousal support.

If the court finds a violation of your postnup, it may enforce the terms of the agreements by awarding damages to the non-violating spouse.

Want to find out more about postnuptial agreements? Contact our friendly team of specialist family and matrimonial solicitors in four locations to see how we can help today.