The idea of planning for the worst and being prepared for “just in case” is generally a concept that most Douglasville residents understand and appreciate. However, it is difficult for many of us to think of this concept when it comes to a marriage. How or why would we talk about what would happen to assets and children in the event of the dissolution of a marriage when no one enters a marriage with the idea that it will end.
For some couples, the idea of preparing a prenuptial agreement is an essential part of the marriage process. For other couples, the idea to enter into an agreement comes up after the couple is already married. This is referred to as a postnuptial agreement.
A Prenuptial agreement is an agreement or contract that is entered into prior to the marriage and will determine the division of marital property acquired during the marriage from the labor of each spouse. Generally, there needs to be a clear intent on the part of both parties to enter into the agreement with full financial disclosures.
Postnuptial agreements differs from a prenuptial agreement in that it is made after a couple has been married. It serves the same purpose as a prenuptial agreement in that it protects each spouse’s individual income and assets in case the marriage ends. The most common situation where these types of agreements arise is where there is an existing prenuptial agreement.
Challenges to these marital contracts or agreements can arise under the following circumstances:
- the agreement was obtained through fraud, duress, mistake or misrepresentation
- the agreement is unconscionable
- the facts and or circumstances have changed since the contracts execution so as to make its enforcement unreasonable.
Circumstances where a party may want to consider a prenuptial agreement include:
- business owners
- wealthy individuals
- one party is unemployed
For the right couple, prenuptial and postnuptial agreements can be useful devices for providing security and the protection of assets in the event of a divorce or death. Regardless, the advice of a skilled and experienced attorney is important to guide you through the process. The Faucette Law Firm has represented clients in the areas of family, divorce, custody, alimony, child support and modifications. We service the Douglasville, Douglass County, and Metro Atlanta areas. Contact us today for a consultation.