You and your spouse may have decided against signing a prenuptial agreement before your marriage. However, you may now regret forgoing this safety net as the years have gone by, your circumstances have changed, and more. Luckily, you and your spouse may still have the option of a postnuptial agreement. Read on to discover when to consider creating a postnuptial agreement and how a seasoned Morris County divorce lawyer at Graves Andrews, LLC can help you in doing so.
Under what circumstances should I consider creating a postnuptial agreement?
You and your spouse may not necessarily be anticipating a divorce in the foreseeable future. Though there may be other reasons as to why you may consider creating a postnuptial agreement. They read as follows:
- You and your spouse may now have complex financial issues that are important to address. For example:
- You have since stopped working to care for your family full-time, and your spouse is now the sole financial provider.
- Your spouse has since received a large sum of money as an inheritance from their deceased relative.
- You and your spouse have since started a business together.
- You and your spouse may have collected a significant amount of high-value property throughout your marriage.
- You and your spouse may have children from previous relationships that you wish to account for.
- You and your spouse may have a standing prenuptial agreement that you wish to renegotiate.
Do I need my spouse’s permission to create a postnuptial agreement?
Much like a prenuptial agreement, creating a postnuptial agreement must be a voluntary action for both you and your spouse. This means that your spouse must willingly and intentionally sign this agreement; and they must not have been coerced to do so in any way. What’s more, it must be signed in the presence of a witness or notary.
How long do I have to establish this agreement?
There is no definitive period for when you can and cannot create a postnuptial agreement. Evidently, it has to be when you and your spouse are already married; but this may be when you are only married for several months or if you have already been married for several years. In the end, the rule of thumb is that you should establish this agreement whenever you and your spouse undergo a significant change in your relationship, finances, or other aspect of your life.
With all that being said, you must make sure that your postnuptial agreement is fully established before you submit a divorce petition. Otherwise, the New Jersey family court may revert to your prenuptial agreement. And if you do not have one of those, they may make divorce-term decisions on their own.
For these reasons alone, you must consult with a competent Morristown family law attorney immediately. Our team at Graves Andrews, LLC is happy to advise you.