A marital agreement is an important document that outlines the rights and legal obligations of a married couple. These types of agreements allow each party to make specific provisions for matters such as the management of debt, division of assets, and other vital concerns that generally arise if a couple decides to divorce or one spouse passes away. There are two primary forms of marital contracts: prenuptial and postnuptial agreements. A prenuptial agreement is one that is executed before the couple marries, while a postnup is entered into after the marriage.
If you would like to execute this type document with your prospective or current spouse, it is wise to speak with a Saratoga Springs marital agreements lawyer who could help you establish a binding and equitable contract. If a marital agreement is not executed correctly, the court may later render it invalid, which complicates any court proceedings if the marriage dissolves or one party dies. You should seek guidance from a skilled family attorney who could guide you through the process of drafting such an agreement.
Prenups and postnups can address similar issues. One of the most common reasons a couple enters a marital agreement is to ensure they have a plan in place that delineates each party’s responsibilities and rights to certain assets in the event the marriage comes to an end. State family courts follow the doctrine of equitable distribution, which means that the court distributes a divorcing couple’s marital assets in a way that the judge deems most fair. It is important to note that this does not mean that a couple’s assets will necessarily be distributed equally.
A marital agreement can address the division of a wide range of marital assets, including real property, personal property, debt, investments, bank accounts, and more. A marital contract may also spell out which assets are separate, which is usually property that either party acquired individually before the marriage. Additionally, these contracts may indicate whether one spouse may be required to pay alimony if the couple ever decides to end the marriage.
If either party has children from a previous relationship when they enter the marriage, or they already have children together, a marital agreement can designate property that specifically belongs to the children. However, it is important to note that marriage contracts cannot include terms that discuss custody or child support as these decisions must be made by a judge with the child’s best interests in mind. A local attorney could help someone execute a marital agreement that covers all of their concerns for their situation.
It is important to understand that some distinct factors could make a marital agreement unenforceable upon review by a judge. This is why it is often helpful to consult with an attorney in Saratoga Springs before entering any marital contract. One of the most common situations wherein a judge may deem a marriage agreement unenforceable is if there is evidence to suggest that one party agreed to and signed the contract under the influence of undue force or compulsion.
If one party is untruthful when drafting these, such as by trying to shield some of their property from discovery, this could make the agreement unenforceable as well. If a marital agreement is unreasonably prejudiced or inequitable toward one party, a court could void the agreement. Both parties entering a marital agreement should each have their own lawyer, or else the court could invalidate the agreement on the grounds of insufficient legal counsel.
A critical step to ensure that your marital agreement contains all the necessary provisions, while also fulfilling the criteria for enforceability, is to work with a seasoned lawyer. If you wish to discuss options for drafting a marital contract, the next best step would be to reach out to an attorney’s office for a confidential consultation. Call today to speak with the Saratoga Springs marital agreement lawyer about your situation.
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