One important asset a couple would need to share is their property, and this is divided in the event of a divorce. That being said a postnuptial property agreement is needed so the couple would know how to handle the property should they decide to separate in the future. In opposite to a prenup agreement, a postnuptial agreement is created and signed after the wedding or even after several years. Couples who decide to engage may have a number of reasons to sign a postnup such as protecting an inheritance or perhaps assigning ownership to a business. Whatever the reasons they may have this would give them peace of mind since the agreement will help establish the equitable distribution of assets if the marriage dissolves. To learn more about this type of agreement, let us tackle this further below. And if you need any help preparing a postnuptial agreement, check out our free postnuptial property agreement samples that are available for download on this page.
5+ Postnuptial Property Agreement Samples
1. Postnuptial Property Agreement Template
2. Postnuptial Property Agreement
3. Postnuptial Property Rights Agreement
4. Sample Postnuptial Property Agreement
5. Authority Postnuptial Property Deed Agreement
6. Postnuptial Property Disposition Agreement
What Is a Postnuptial Property Agreement?
Generally, a postnuptial agreement or postnup, in short, is a document that outlines the ownership of financial assets in case the marriage dissolves. Whenever there is are changes in financial situation for example debt or inheritance, one or both couples may find the necessity to use such an agreement to protect their interest. One way or another, couples will be able to obtain their own properties and if they want a proper way of handling this type of asset during a divorce then they would need a postnuptial property agreement to set the terms. Divorce is not the only reason why couples opt to sign such an agreement, if a spouse should unfortunately die, the document will be able to lay out what would happen to the marital property.
How To Create a Postnuptial Property Agreement?
A benefit of a postnuptial property agreement is that this saves time and cost of a divorce proceeding since the couple has already agreed in advance of a separation. But some would find it taboo or unattractive whenever couples decide to sign such an agreement, yet some couples prefer practicality and protection of their assets. Now to begin creating a postnuptial property agreement, this must adhere to the governing laws since each state or country may have its own specific requirements. So it is important to check in advance and do your research on that matter. Here are several criteria you may need to follow to be able to create a well-crafted agreement.
I. Written Agreement
You must be able to write down the agreement, as verbal agreements are hardly admissible in court.
II. Death of a Spouse
The agreement must contain details on what would happen to the property should one spouse die. This is important because the surviving spouse may waive certain property rights they would otherwise inherit.
III. Property Division
Since the main purpose of the agreement is in terms of the properties and how should these be divided it is imperative to note down the provisions of such. But remember, there are some areas or states who would not honor such unless such agreement is concurrent with a separation or divorce. So as mentioned make sure to check on the requirements beforehand.
IV. Full Disclosure of Assets
It is important that all assets are known by both parties before signing the agreement. If one spouse is known to have a hidden property then this may nullify the agreement.
V. Signed and Notarized
For the document to be lawfully enforceable, signatures of both parties must appear in the document and must be notarized.
What Is a Prenup Agreement?
A prenuptial agreement or a prenup is a written agreement or contract that is prepared before a couple gets married. It contains details regarding the assets and finances during the course of the marriage and in the event of a divorce.
What Is a Separation Agreement?
A separation agreement is where the couple is living separately but remains legally married with an intention of filing a divorce in the future. This is usually done to retain tax benefits and healthcare without the need to live together.
Why is Child Custody Important?
Child custody will set the terms, roles, and responsibilities between both parties in terms of taking care of their child/children. This is important so parents will be able to get a clear picture of what they are supposed to do, what obligations they both have when it comes to taking care of their children during a divorce.
Don’t forget to download our free templates so you may be able to create a postnuptial property agreement that is valid and effectively protects your assets.
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