Pre/Post Nuptial Agreement FAQ’s

What is a pre/post nuptial agreement?

A prenuptial agreement or a post-nuptial agreement is a marital contract that is agreed to by spouses or life partners. A prenuptial agreement is created before the commencement of a marriage, whereas a post-nuptial agreement is created after a marriage has commenced. These agreements address the division of property and terms of spousal support, should the marriage end in divorce or separation.

How can a pre/post nuptial agreement help me?

A prenuptial or postnuptial agreement can help you in numerous ways. First, should your marriage end, you will have a say in how your property is distributed because the terms will be specified in your agreement. Second, the terms of spousal support and child support (if children are involved) will be detailed in your agreement. Last, any independent wealth or assets you accumulated prior to your marriage will remain yours, as long as you detailed the terms in your nuptial agreement.

What are marital assets?

Marital assets are any material property, income or debts that are accrued throughout the duration of a marriage. When spouses decide to divorce or separate, marital property will be jointly distributed, unless specified differently in a pre or postnuptial agreement.

What is meant by the term “Separate Property”?

The term separate property refers to any property or material possessions that are acquired prior to the commencement of a marriage, such as inheritances. When spouses divorce, separate property is not subjected to distribution; it remains in the possession of the owner.

What is the meaning of “Cohabitation Agreement“?

One kind of a legal contract that a couple enter into who wish to live together as life partners is known as a “Cohabitation Agreement“. Should the couple separate, the cohabitation agreement will specify how joint property is to be distributed and outline which property is considered separate.