A pre-marital (or pre-nuptial) agreement is entered into before the marriage and specifies each future spouses property ownership and the property rights of each party if they decide to divorce. The benefits of a prenuptial agreement include:
A well designed premarital agreement will also clarify management of joint bank accounts, household bills, and credit card payments, determine the amount of income that will be set aside for savings, and also specify how disputes will be resolved. In order for the agreement to be approved by the court, it must be fair and both parties must enter into it free of coercion.
A post-marital (or post-nuptial) agreement is entered into after a couple marries and details how the marital property will be divided in the event of a separation or divorce. Each spouse must disclose both separate and marital property in addition to property acquired before the marriage whether through inheritance, a gift of from a legal settlement. A well thought-out post-marital agreement will:
A marriage is not only a personal commitment, it is also a business relationship. A couple that is intending to marry or has already married needs the expertise of a matrimonial attorney to plan and prepare either of these agreements in order to protect their financial interests.
A separation agreement is necessary for spouses who have decided to live apart and intend to end the marriage. The agreement also clarifies how bills are to be paid, whether child support will be paid, who minor children will live with, and what the visitation arrangements will be.
Separation agreements are usually the first step in a divorce proceeding and are essential in complex divorce cases that involve real estate, investments, bank accounts, debts and other marital assets. A couple becomes legally separated after the agreement is signed and notarized by both parties. In some cases, the court may include some or all of the separation agreement in its divorce judgment.