A post marital agreement, also known as a postnuptial agreement, is a legal document that outlines how assets and liabilities will be divided in the event of divorce or separation. Similar to a prenuptial agreement, a post marital agreement can help couples avoid the stress and uncertainty of litigation in the case of a split. In this article, we`ll discuss the key elements of a post marital agreement and provide a template you can use to create your own document.
What Is a Post Marital Agreement?
A post marital agreement is a legal agreement between spouses that is signed after they are married. It can include provisions for the division of property, spousal support, and other issues related to the dissolution of a marriage. Post marital agreements are often used to protect the assets of one spouse in case of divorce or to establish an arrangement for child custody or visitation rights.
Why You Might Need a Post Marital Agreement
There are several reasons why you might want to consider a post marital agreement. Perhaps you did not sign a prenuptial agreement before getting married and want to protect your assets in the event of a divorce. Or maybe you and your spouse have been married for a while and want to clarify how you will divide property and assets if you decide to split up. Whatever the reason, a post marital agreement can provide a clear and legally binding agreement for both parties.
What to Include in a Post Marital Agreement
When creating a post marital agreement, it`s important to include the following key elements:
1. Property Division: Clearly outline how assets and liabilities will be divided in the event of a divorce or separation. This can include property, bank accounts, investments, and retirement accounts.
2. Spousal Support: If one spouse will be providing support to the other, specify the amount and duration of the support payments.
3. Child Custody and Support: If you have children, include a plan for custody and visitation rights, as well as any child support payments.
4. Debts and Liabilities: Specify how any debts or liabilities will be divided in the event of a separation or divorce.
5. Termination Clause: Include a clause stating when the post marital agreement will terminate, such as after a certain number of years or if certain conditions are met.
Post Marital Agreement Template
To help you create your own post marital agreement, we`ve provided a template below. Keep in mind that this is just a starting point and you may need to tailor it to your specific situation.
[Name of Spouse 1] and [Name of Spouse 2] (hereafter referred to as “the parties”) entered into marriage on [date of marriage] and are living together as husband and wife. The parties have executed this post marital agreement to provide for the disposition of their property and interests in the event of separation or divorce.
1. Property Division: In the event of separation or divorce, the parties will divide all property and assets as follows:
[Specify how property and assets will be divided, such as a percentage split or a specific list of assets and liabilities].
2. Spousal Support: [Name of Spouse 1/2] will provide spousal support to [Name of Spouse 2/1] in the amount of [specify amount] per month for a period of [specify duration].
3. Child Custody and Support: The parties have [insert number] children together and will share joint legal custody. [Name of Spouse 1/2] will have physical custody of the children [specify days/weeks/months]. The parties will each contribute to the support of the children in the amount of [specify amount] per month.
4. Debts and Liabilities: The parties will each be responsible for any debts or liabilities in their own name that were incurred during the marriage.
5. Termination Clause: This post marital agreement will terminate upon [insert condition such as a certain number of years or if both parties agree to terminate it].
The parties have executed this post marital agreement on the date and year first above written.
[Name of Spouse 1]
[Signature]
[Name of Spouse 2]
[Signature]
Conclusion
A post marital agreement can be a useful tool for couples who want to establish clear guidelines for the division of assets and property in the event of a divorce or separation. By including key elements such as property division, spousal support, child custody and support, and a termination clause, you can create a legally binding agreement that provides peace of mind for you and your spouse. Use the template provided as a starting point, and consult with an attorney to ensure your agreement is valid and enforceable.