A prenuptial agreement, sometimes referred to as an ante nuptial or premarital agreement, is a contract entered into by future spouses prior to their marriage. In general, the agreement is meant to clarify the rights and obligations of each party in the event of divorce or death. They typically include provisions for division of property and alimony.
There are many circumstances under which a party may consider a prenuptial agreement. Some examples include one party having significantly more assets than the other, protection of a family business or closely held corporation, marrying later in life after significant assets have been accumulated, or second marriages in order to protect assets for children from a previous marriage.
A postnuptial agreement is a contract entered into by spouses during their marriage. As with prenuptial agreements, one or both of the parties is seeking to protect assets or income in the event of divorce or death. The circumstances under which a party may consider a postnuptial agreement may be similar to those relating to a prenuptial, but the significant assets or business partnership, for example, may have developed during the marriage. Or, the parties may have intended to enter into a prenuptial agreement, but neglected to do so. Sometimes postnuptial agreements are used to change the terms of a prenuptial agreement.
There are many circumstances under which parties may consider entering into prenuptial or postnuptial agreements. Contact our firm to learn more about prenuptial and postnuptial agreements and to determine whether such an agreement would be beneficial for your particular situation.
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