A prenuptial agreement is a legally binding contract that a couple can enter before their marriage. It is a well-known tool that couples frequently use to preemptively address issues regarding property and spousal support if the marriage ends.
Postnuptial agreements are not as well known as prenuptial agreements but can serve the same vital functions of providing wealth protection and certainty for both spouses. In contrast to a prenuptial agreement, a postnuptial agreement is a contract created after a couple’s date of marriage. As a contract, its terms are enforceable in court so long as it is executed voluntarily and does not conflict with existing laws or public policy. One of the most important differences between postnuptial and prenuptial agreements is that a postnuptial agreement may not affect either party’s right to seek alimony from the other spouse. Any such clause may completely invalidate a postnuptial agreement.
Why Are the Benefits of a Postnuptial Agreement?
A postnuptial agreement preemptively resolves issues that arise due to the laws of community property. Community property is generally all property acquired after a couples’ date of marriage. Except for inheritances or gifts, all of this property is typically considered community property in Nevada. This gives each spouse an equal right to all property acquired during their marriage. In contrast, separate property is everything that each spouse brought into the marriage—which normally remains with that spouse if the couple divorces.
Community property is therefore a hugely contested issue when a marriage ends. Therefore, addressing property in a postnuptial agreement allows spouses to have certainty about their financial security, while also saving a great deal of time and expense of a prolonged divorce battle over these issues.
Under What Circumstances Would a Couple Enter a Postnuptial Agreement?
There are numerous reasons that a couple would enter a postnuptial agreement. Examples include if a couple does not have a prenuptial agreement or agree that the terms of their existing prenuptial agreement don’t fit their desires or circumstances. Spouses may also decide to reach an agreement to protect the interests of children from prior marriages. As a part of the estate planning process, a couple may decide to use a postnuptial agreement in conjunction with the creation of a will and trusts. Or, a couple may have acquired complex assets or business interests during their marriage that significantly changed their financial picture.
Family Law Attorneys, Viloria, Oliphant, Oster & Aman L.L.P.
If you want to explore creating a postnuptial agreement, contact Viloria, Oliphant, Oster & Aman, L.L.P. Our family lawyers have helped clients with wealth and complex assets to protect their financial interests. Our attorneys are intelligent and effective and can help you create an agreement that protects your financial interests and gives you confidence. Let us assist you. Contact Viloria, Oliphant, Oster & Aman L.L.P. today at (775) 227-2280 to schedule a consultation or contact our office through our website.