Most people are familiar with the concept of a prenuptial agreement (called an antenuptial agreement in Minnesota). It’s a contract developed and signed before a marriage that includes some stipulations for how each party will handle issues like finances, assets and dispute resolution in the event of a divorce.
A slightly less-common contract is a postnuptial agreement, which works similarly to an antenuptial agreement and has the same benefits. The only big difference is that it’s signed after the marriage has commenced.
As a general rule, a postnuptial agreement must meet all the following criteria to be considered valid:
- The agreement was written and signed by both spouses in the presence of a notary
- The agreement was entirely voluntary and not the result of threats, deception, coercion or force
- The agreement is fair and not inherently one-sided or unconscionable
- Both spouses fully disclosed information regarding their income, assets, property and debts
When to consider a postnuptial agreement
Postnuptial agreements often arise as a result of one spouse’s bad behavior or financial recklessness. Even if the marriage is going well, couples might decide a postnuptial agreement can help them form better definitions about who owns what, who has which financial responsibilities and who has which rights to a family business.
Postnuptial agreements can also be used to address issues that arise in antenuptial agreements, such as:
- Who will pay spousal maintenance (sometimes referred to as alimony) in the event of a divorce
- Which spouse would keep which pieces of property in a hypothetical property division process
- Which spouse will be responsible for marital debts in the event of a divorce
For further advice on creating a postnuptial agreement, contact a knowledgeable Minnesota family law attorney with Appelhof, Pfeifer & Hart, P.A.
