Helping You Protect Your Assets After You’ve Gotten Married

A postnuptial agreement is essentially the same as a prenuptial agreement, except that it is written after marriage. If one member of the couple acquires an asset he or she wants to protect, or if the couple determines they want to establish what would go to whom in the event of a divorce before the divorce ever happens, a postnuptial agreement can be written and agreed to by both parties. If you feel that you need a postnuptial agreement written between you and your spouse, you need the help of a Lakeville lawyer with experience in drafting and executing these documents.

At Dwire Law Offices, we have decades of experience assisting clients in Dakota, Scott and Rice counties. We have in-depth knowledge of the laws surrounding property division, which gives us insight into the kinds of agreements that would stand up in court. We can help you draft a postnuptial that suits your needs and amend it as necessary over time, even addressing issues like infidelity.

Protecting Your Assets

Just like a prenup, a postnuptial agreement is a legally binding contract that can be challenged in court. Therefore, if you want the agreement to be upheld, it is necessary for both parties to fully disclose their respective assets and liabilities. A judge can set the postnup aside if financial information is missing. To help prevent this, we add an addendum that outlines each party’s assets and liabilities.

Our family law firm strongly recommends that both parties have the postnup reviewed by their own lawyers to ensure that they have each had adequate representation prior to signing the document. This is another issue that may be contested in court. Ensuring that you and your partner both have separate legal counsel when reviewing your postnup can save a lot of trouble if the worst happens.

Creating A Postnuptial Agreement: Steps And Best Practices

An enforceable postnuptial agreement requires careful planning and execution to withstand potential challenges. Following a structured process can strengthen the document’s legal standing and help preserve marital relationships during what can be sensitive discussions.

Step 1: Open Communication Between Spouses

The foundation of any successful postnuptial agreement begins with honest dialogue. Choose a neutral time when both parties are relaxed to discuss financial goals, concerns and reasons for wanting the agreement. Focus on mutual protection rather than preparing for divorce. This approach helps establish that the agreement serves to strengthen financial transparency rather than signal relationship problems.

Step 2: Full Financial Disclosure

Complete transparency regarding financial matters is legally required and essential for trust. Both spouses should compile comprehensive lists of assets, debts, income sources and financial obligations. This includes bank accounts, retirement funds, business interests, real estate holdings, investments, credit card debts, loans and expected inheritances. Supporting documentation, like account statements, property deeds, and tax returns, should be gathered to verify these disclosures.

Step 3: Consult With Separate Attorneys

Each spouse should retain independent legal counsel to review the agreement. This separate representation serves two critical purposes: it helps ensure both parties understand their rights and the implications of the agreement, and it significantly strengthens the agreement against future claims of coercion or inadequate understanding. Courts are much more likely to uphold agreements where both parties had independent legal advice.

Step 4: Drafting The Agreement

With financial disclosures complete and legal counsel engaged, the agreement can be drafted to address the couple’s specific circumstances. A well-crafted postnuptial agreement clearly identifies separate property, outlines how marital assets would be divided, addresses debt responsibility and may include provisions for spousal support. The document should be tailored to your unique situation rather than using generic templates.

Step 5: Review, Revise And Sign

Once drafted, both parties and their attorneys should thoroughly review the agreement. Revisions may be necessary to address concerns or clarify provisions. The final signing should occur without pressure or time constraints, preferably with a notary present.

Best Practices And Tips

Maintain fairness throughout the process, as grossly one-sided agreements are more likely to be invalidated. Review and update your postnuptial agreement periodically, especially after significant life events such as having children, receiving a substantial inheritance or career changes.

Consider including a sunset clause that establishes when certain provisions might expire or be reconsidered such as after a specific anniversary milestone. These clauses can provide reassurance to a hesitant spouse and acknowledge that circumstances and relationships evolve over time. For example, spousal support provisions might increase in generosity with each decade of marriage, reflecting the deepening financial interdependence that naturally develops in long-term relationships.

Finally, store the executed agreement in a secure location accessible to both parties, with copies provided to your respective attorneys.

Call To Schedule Your Free Consultation

To discuss whether you need a postnuptial agreement in Dakota, Scott and Rice counties, call our law office at 952-232-0179. You can also reach us to schedule a free consultation by sending us an online message.