Postnuptial Agreements

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Postnuptial Agreements in Newport Beach

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A postnuptial agreement is a written settlement that spouses can choose to make after they are already married. These are similar to a prenuptial agreement aside from the fact that they are made during the marriage rather than before. This type of agreement if oftentimes used to fix something in the marriage or to protect assets. The terms in the agreement will specify the ways in which each spouse's assets will be dealt with throughout the marriage and in the event of a divorce or separation.

A postnuptial agreement can also be called a marital agreement or postnup. Postnups oftentimes receive a negative connotation that shows doubt in a marriage. In reality, couples commonly choose to make this agreement as a risk management action. Financial issues can cause countless problems in a marriage and removing the uncertainty can help relieve tension. Also, this type of agreement can be used as a way to make sure the assets are accounted for if one spouse was to pass away.

Reasons to Create a Postnup in California

A couple can choose to draft a postnup for various reasons. Some of the most common factors that have led to the creation of a marital agreement include:

  • Couples want to resolve issues in the marriage
  • Spouses are looking to remove disagreements about assets, children etc.
  • One spouse's financial status changes
  • One spouse experiences a career change
  • A spouse receives a large inheritance

The goal of this agreement is to remove conflict while trying to promote more harmony in the marriage. They may not have any intention to divorce, they could be attempting to save the marriage. Other times, couples seek this agreement because they want to get a divorce but want to settle divorce matters ahead of time.

Benefits of a Postnuptial Agreement

If you are considering entering into a postnuptial agreement with your spouse it is important to have a skilled Newport Beach divorce lawyer by your side. The attorneys at our firm are familiar with this process and can make sure that you take the proper steps necessary. As mentioned before, a postnup is a way to remove uncertainty in many instances. Spouses also tend to use these agreements when they foresee a divorce in the near future. This can be seen as a middle step to make sure the separation of property is in order and any other support matters are settled. In making a postnup, the couple can save large amounts of money and time by avoiding the courtroom.

Essentially a postnup is separating assets into "mine" and yours" rather the communal "ours" property. The terms that are generally included in a postnuptial agreement include:

  • Division of assets
  • Spousal support terms
  • What will happen to property if one spouse passes away
  • How gifts and inheritances will be handled
  • Handling of benefits, disability, and insurance coverage
  • Ownership of business matters

When creating a postnup, both spouses are required to provide the other with full disclosure. They are considered each other's fiduciary and they have to present all information and issues present in the agreement. Because of this fiduciary relationship, both parties have a duty to act in the "highest good faith and fair dealing."

Choose The Law Offices of Marc E. Mitzner

Do you need a lawyer for a postnuptial agreement in Newport Beach or elsewhere in Orange County? Whether you are planning on separating or simply want to stop conflict in your marriage, we may be able to help. In order to make sure that you go about the process correctly, consult with a skilled Newport Beach family law attorney from our firm. Contact The Law Offices of Marc E. Mitzner to schedule your free case evaluation today!

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