What To Know About Pre-Marital And Post-Marital Agreements
A pre-marital agreement is a legally binding contract that can be entered into by parties who intend to marry. The contract is binding and enforceable once the parties marry. At Benton Family Law in Goldsboro, our attorneys can tailor a pre-marital agreement to fit your situation as long as the same is done a substantial length of time prior to the marriage of the parties and the transaction is done at arm’s length. Please know that premarital agreements cannot create binding child custody provisions.
Aspects Of A Pre-Marital Agreement
Many issues can be covered in a pre-marital agreement. For example:
- It allows the parties to set the terms and conditions of how to divide marital property in the event of a divorce or separation, how to handle separate property, how to handle earnings during a marriage, how to fund retirement or investment accounts, and myriad other issues relating to property owned prior to marriage or acquired during their marriage
- It allows the parties to list down their separate property as on the date of marriage
- It allows the parties to plan how they want their separate property to benefit their family members
- It allows the parties to set the terms for alimony or spousal support or waive it altogether
- It allows the parties to define inheritance rights and their statutory requirements
- It allows the parties to create obligations between themselves
- It allows the parties to define what will happen in the event of a divorce or separation
If the marriage has already taken place and a couple wishes to enter into an agreement to protect their individual assets, they still may do so by way of a post-marital agreement. This is a contract signed by both parties and is drafted and executed while they are married and living together.
A post-marital agreement has several benefits in addition to providing protection to couples without a prenuptial agreement regarding settling assets and affairs in the event of a separation or divorce. A post-marital agreement can modify the terms of a pre-marital agreement in the event that one party’s financial situation changes substantially. However, much like a pre-marital agreement, a post-marital agreement cannot be used to dictate how child custody and child support matters will be handled.