What is a post-nup?
A postnuptial agreement is a legally binding contract that spouses negotiate during their marriage to establish specific guidelines for their personal and marital property in the event that the marriage ends, by means other than death.
While most people have heard of pre-nuptial agreements, post-nuptial agreements offer a similar level of protection and are worth considering if you are already married but have concerns about protecting your separate assets..
If you’re already married, a prenuptial agreement is no longer an option. The “pre” means that it MUST be done prior to the marriage. However, you can still safeguard your assets by obtaining a “postnuptial agreement”. In recent years, the number of couples seeking postnuptial agreements has been on the rise, as it allows them to shape their marriage on their own terms. Whether you have a house, a car, or any other assets that you want to protect or shield yourself from your partner’s debts, a postnuptial agreement could be a valuable investment.
While still legally enforceable, a postnuptial agreement differs from a prenup in that it’s created after the marriage. Although many people overlook this option, it can be crucially important. For instance, if you or your spouse receives a windfall like an inheritance or business sale, or if your spouse has toxic debt you would rather not split, a postnup can provide a formal agreement that clarifies your respective rights and obligations.
Postnuptial agreements can include decisions such as:
- Debt Division
- Retirement Account Decisions
- Business Assets and their ownership
- Marital Property
Are postnuptial agreements legally binding in Georgia?
In Georgia, postnuptial agreements are often legally recognized and are enforceable as long as they are drafted and executed in compliance with the law, which entails the absence of fraud, duress, mistake, misrepresentation, or failure to disclose important information.
In other words, the same stipulations making a legally binding and enforceable prenuptial agreement, also apply to post-nups. Furthermore, post-nups and prenups don’t need to interfere with each other. A post-nup can supersede a prenup or it can work in conjunction with it.
Although drafting your own postnuptial agreement is feasible, it is advisable to collaborate with a knowledgeable family law attorney to safeguard your rights and identify potential blind spots. This approach guarantees that your agreement is legitimate and binding in the event of a future divorce between you and your spouse.
Considering a postnuptial agreement?
Postnuptial agreements cannot just be thrown together. They should be crafted with a comprehensive plan and understanding in mind. A full disclosure of both spouses’ financial affairs must be presented also. If you’re looking to implement a postnuptial agreement give our firm a call.