Often the parties wish to protect their assets by outlining the specific rights and responsibilities of each future spouse before they take their vows. A Prenuptial agreement is a written contract that sets out the specific terms regarding the possession of assets, the treatment of future earnings, the control of the property of each spouse, and the potential division of the property should the marriage be later dissolved. Prenuptual agreements are fairly common in marriages where both parties have substantial assets, children from a prior marriage, potential inheritances, high incomes, or have previously suffered through a bad divorce.
Pre-nuptual agreements are not unromantic and are a smart way to protect yourself and your assets. A prenuptial agreement may help the marriage by making the spouses feel more comfortable and secure about their relationship.
Pre- nuptual agreements are binding and enforceable in court but only if all legal requirements have been carefully observed, the agreement is fair, and the party entering into the agreement did so voluntarily and freely after being fully informed of his or her rights and after having obtained legal advice from an independent legal counsel. Additionally, accurate financial disclosures regarding assets and debts must have been made before the signing. The agreement must not be unconscionable.
Postnuptual agreements are just like prenuptial agreements. The only difference is that postnuptial agreements are entered into after the marriage. Parties can enter into a postnuptial agreement at any time they wish during their marriage