Nuptial Agreements &
A nuptial agreement is a contract entered into between two people, either about to enter into marriage (prenuptial agreement) or parties who are already married (postnuptial agreement). Nuptial agreements include provisions for property division and financial support in the event of a divorce or dissolution.
Similar to a nuptial agreement, parties who are not planning to marry, but are planning to reside together may enter into a co-habitation agreement. A co-habitation agreement addresses the division of financial responsibility during the co-habitation and how to divide assets and debts if the parties were to separate and no longer co-habitat.
A well drafted agreement serves two purposes. First, it reduces conflict during the end of a marriage or relationship because it clearly details how the couple wishes to resolve all financial issues. Second, the agreements can safeguard pre-marital or separate property and assets. A nuptial agreement or co-habitation agreement is very important for people who have accumulated sizeable assets prior to the marriage or co-habitation, especially when there is a significant disparity in the assets of the two people entering the relationship. Many people entering into a second marriage opt to sign nuptial agreements to ensure that their pre-martial or separate property will go to their children from a previous marriage instead of to the new spouse in the event of divorce. Co-habitation agreements outline the division of financial responsibility during the parties’ relationship and division at the end of their relationship to reduce conflict and confusion.
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