Postnuptial Agreements Albuquerque
Postnuptial Agreements Albuquerque
If you have recently (or not so recently) gotten married, and have come to realize that a prenuptial agreement would have been a good idea, you have nothing to worry about. Luckily, you can still make a similar agreement with your spouse in the form of a postnuptial agreement. A divorce lawyer in our Albuquerque firm will be able to work with you and your spouse to determine what steps you need to take, what terms must be included in the document, and how to be sure it is valid in the New Mexico family courts.
Postnuptial agreements are essentially the same thing as a prenuptial agreement, with the only difference being the timing. You can still agree to the same terms, provided that everything included is legally viable.
What Goes Into a Postnuptial Agreement?
Postnuptial agreements can have identical provisions as a prenuptial agreement. Some of the most common details included in both agreements are the following:
Property includes physical property such as real estate, as well as financial assets like stocks, bonds, savings accounts, 401Ks, and other monetary holdings. This is often one of the biggest disputes in Albuquerque divorce law.
Terms of Spousal Support
If the couple determines that one spouse will pay support to the other, the length of time these payments will last after a divorce will be included, as well as amounts. Conversely, the agreement may state that there will be no spousal support at all.
Division or Handling of Marital Debts
Debts, like assets, are addressed in a postnuptial agreement, and specifies how they will be divided between the spouses in the event of a dissolution of the marriage. This is especially helpful if one partner owns or manages a business or other “separate” high-value operations that also deal with a lot of debt.
How Assets Will Be Distributed In the Event Of a Death
While this may also be addressed in a will, the postnuptial agreement will specify how the will may be handled in the event that the marriage is in the middle of a divorce while the death takes place. Otherwise, this could create a long, drawn-out legal battle between the family.
Are Postnuptial Agreements Enforceable?
There are a lot of different factors that go into determining the validity of a postnuptial agreement, and if the document does not meet the requirements, it is unlikely that a judge will follow it. Here are some things that are very important to be certain that your agreement sticks:
It Is In Writing
It might be fairly obvious, but trying to prove an agreement existed if there is no physical copy of the agreement is extremely hard, and will not stand up in court.
Spouse Was Not Coerced Into Agreeing
If, during a divorce, it comes to light that one of the spouses signed the agreement under duress, they can argue that they did not truly agree to the terms.
Both Spouses Are Aware Of It
During the course of a divorce, one spouse can not simply pull out an agreement that the other was not aware of and claim it is legally valid.
Both Spouses Were Fully Aware Of The Other’s Financial Situation At The Time
Each spouse must fully disclose their current financials at the time of the agreement, including any liability, debts, assets, liens, and anything else relevant.
The Agreement Is Fair
If a judge looks at a postnuptial agreement and determines that is completely one-sided or unfair to one of the spouses, they will not uphold it even if everything else is completed properly.
The Agreement Is Properly Executed
This means that each spouse signs the document, it is notarized, there are witnesses if required, and that it fulfills all points under New Mexico law.
Should You Get a Postnuptial Agreement?
Prenuptial and postnuptial agreements are more and more common, and there is nothing wrong with getting one. In fact, your marriage may be stronger because of it. They are not mandatory, of course, but many couples feel a lot more secure in their marriage knowing that they have already had these uncomfortable conversations that they hope they never need to revisit.