What Is a Postnuptial Agreement?
When two people decide to get married, there are a few things that both will have to decide on. These aren’t just simple things like where to go for the honeymoon or what location would be the best place to build a home. We’re talking about decisions that could directly affect them in legal terms. Examples are who gets custody of their child or who owns a particular piece of property if ever the two get divorced. This is where a sample postnuptial agreement comes into play as it’s basically a written agreement that can help settle the couple’s affairs and assets in the event of a separation or divorce.
Why is a postnuptial agreement important?
It’s basically a contract agreement which both parties have to comply with. So, if one were to break any of the agreements that have already been made, then that person should expect immediate legal consequences. Although there are some couples who don’t need this, there are those who would like to have the added protection in the event of a separation or a divorce. They’ll need to have this notarized if they want it to be validated and both parties will need to affix their signatures to ensure that both have read and understood the terms of the sample agreement.
Common mistakes in most postnuptial agreements
If you have determined that having a postnuptial agreement is good for you and your spouse, then you have to be sure that you avoid these common mistakes:
1. Basing the contract on the “here and now” and not thinking of the future possibilities. You don’t just think about your current situation; you have to think of the possibilities of your situation changing in the future. For example, let’s say that both have made an agreement to keep their separate incomes, waiving the right to alimony or spousal support. What if one becomes incapable of working or becomes a stay-at-home parent afterward? There need to be provisions for this included in your agreement.
2. Not stating clearly all of assets and liabilities. Anything that both parties own must be included in the agreement. In the event that you forget to include something in your agreement, then there’s a possibility that the law within your country might just state that your postnuptial agreement is unenforceable.
3. Never waive your rights to something that can be subject to later change or something that can be modified in the future. The best example here is child support. Child support orders are based on factors such as the income of both parties and the needs of the child, and the needs of a child can change as time passes. So, if you have a very well-written agreement that states a specific amount that will be provided for child support but you no longer have the money for it, it will be much harder for you to modify the agreement in the future. You may also like free agreement templates.
4. Not making it specific to who will be appointed to handle certain debts and liabilities. This will include necessary name changes and adjustments to account holder information. For example, you have a mortgage on the home that your spouse has agreed to pay for after the event of the divorce. If the spouse forgets or refuses to pay and the home still has both of your names listed down as the owners, then the bank can still come after you for the late payments. This will just end up ruining your credit score and you could potentially lose your home.
If you would like to learn more about this particular topic, then all you have to do is go through any of our other available articles. You may also like consultant agreement templates.
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