Post-marital Agreement, also known as postnuptial agreement, is an agreement which is made between partners about the division of marital property. The agreement is usually made after a marriage but before the spouses seek to end their marriage. That is the agreement is generally made in contemplation of separation or divorce.
Post-marital agreements can alter the rules on how to divide the marital property between the partners in the event of a divorce or death. For this you need to sign a special form of post marital agreement, popularly known as Marital Settlement Agreement. This agreement describes the sharing of property as well as liability for debt between the husband and wife as part of their divorce proceedings.
After marriage, a married couple may seek to make a post-marital agreement following a period of marital conflict or an important financial change. The standard for enforcement of post-marital agreements is more or less similar to the standards for the enforcement of pre-marital agreements. Some of the main requirements for the validity of the post martial agreements include: complete and clear disclosure of all the assets; income and debt of each spouse; fairness; and absence of duress. The agreement must be free from any duress, fraud and entered into voluntarily and freely. To get the validity of your post-martial agreement the contract must be signed by you and your spouse. It is also advisable that you may revisit your post-marital agreement periodically, mainly when your financial status or lifestyle changes. Also, when you move or relocate in to a different state, don’t forget to check and make sure that the laws as well as legal formalities do not affect the status of your post-marital agreement.
The rules concerning the postnuptial agreement differ from one state to the other. The enforceability and validity of the agreement also changes accordingly. It is highly recommended that the husband and wife may seek discuss the matters regarding the agreement with separate attorney. Also while making keep in mind that you are not going to forfeit your civil rights. Make sure that you have obviously understood the agreement’s repercussions in the occasion that “everything goes sour”.
It is not unheard of for a partner to indicate to his/her better half that they are entering into a post marital agreement and then, after some weeks, declare that the marriage is over. When making a post-martial agreement, it would be a wise idea to articulate in writing why they have decided into making an agreement and it is clear that the agreement is fair according to the knowledge of both parties.