What is a postnuptial agreement and when do you need a postnuptial agreement in Louisville. We have all heard of a prenuptial agreement or “pre-nup” which is established prior to a marriage. A postnuptial agreement is made during a marriage and is intended to protect important assets or to prepare for a divorce.
There are a variety of situations where a postnuptial agreement should be considered. The primary reason for a postnuptial agreement is to establish the nature of ownership with regard to what would otherwise considered to be “marital property.”
For example, each or either of the spouses might have started their own business or inherited a substantial amount of money. One might be an artist who has created incredible artwork or authored valuable literary works or music.
These questions can arise during the normal course of a marriage or as the couple considers a legal separation or divorce. A postnuptial agreement is an excellent tool for those with substantial assets who are contemplating the end of a marriage.
You need an agreement to protect your interests in the property or wealth you’ve acquired or the original works you’ve created. You need a postnuptial contract which is well crafted and organizes all of the information and potential valuation of specific assets. In some cases, a couple may decide to do an inventory of all assets and debts as part of a postnuptial stipulation. Your agreement should protect both you and your spouse and ensure each receives what they deserve.
Just as in a prenuptial, many partners are concerned about being taken advantage of in a postnuptial agreement. Our Courts will not approve a postnuptial agreement if the Court believes it is highly unfavorable or unfair for one of the parties.
You need a postnuptial contract to help reduce the cost and time associated with a legal separation or divorce. Kentucky law requires a postnuptial agreement to be in writing, freely signed by both parties without coercion and duly notarized. Each party must fully, truthfully and accurate disclose all financial information as well as the existence of every asset, debt, income, credit account or contingent liability. The terms for a postnuptial agreement should be fair and equitable.
Do you need a postnuptial agreement? We invite you to seek the experienced, proven advice and counsel of the divorce and family law attorneys at Dodd & Dodd. We have decades of experience in these matters and will answer your questions while helping to develop a successful strategy for your unique situation.
We invite you to review the strong recommendations of our former clients and contact us or call 502-584-1108 to schedule an appointment with one of our experienced divorce and family law attorneys.
