At the beginning of a marriage, planning for the possible end of the relationship can be exceptionally difficult. Similarly, making an agreement in the midst of a divorce to divide property and set up spousal support can be complicated due to high emotions and potential arguments over what is fair.
A way to limit uncertainty and facilitate a smoother transition in the event of divorce is to agree to a plan beforehand. A Rochester marital agreements lawyer can guide a couple through prenuptial and postnuptial agreements with skill and care. Our family attorneys can help you make informed decisions and protect your rights throughout the process.
An often contentious part of a divorce is the division of property and assets, which can depend on the timing of when a spouse acquires a piece of property or financial asset. Minnesota recognizes marital property as what enters the possession of either spouse during the marriage, even if it is not titled in both spouses’ names.
In essence, whether a specific item counts as marital property is determined by dates. As a default rule, anything during the marriage and before the “valuation date” of the divorce counts, and each spouse has equal rights to that property, whether real or personal. Items purchased, as well as the value that accrues during the marriage, become part of the marital estate, though some types of property can be considered separate (such as inheritance to one spouse).
The state also has a default rule of equitable division, meaning that a judge can determine how to divide up property between the spouses based on notions of fairness rather than an equal 50-50 split. A judge will take several factors into account when making their determination, including the spouses’:
Marital agreements, however, let the spouses, not a judge, decide property division. With the aid of a Rochester spousal agreements lawyer, spouses can choose how they want to divide property.
Legal counsel can draft marital agreements before marriage and at the end of one, either with a prenuptial or postnuptial agreement. A prenuptial agreement is for soon-to-be-wed couples. It outlines what property will remain separate and what property may be kept separate or combined as marital property.
A well-crafted prenuptial agreement requires a lawyer to evaluate the parties’ pre-marital situations and ask them specific questions regarding their future. Even so, a prenuptial agreement may not anticipate every change that can occur during the course of a marriage, so a postnuptial agreement can specifically address issues coming out of a divorce.
For example, a postnuptial agreement can re-evaluate the likely living situations of each spouse in the wake of a divorce and outline clauses for spousal support, child support, and property division. With an agreement, spouses can end a marriage with fewer negative emotions and conflict.
No agreement can completely eliminate the difficulties of divorce, but a Rochester attorney can design marital agreements with the goal of reducing friction.
Planning for the future is essential to maintaining your lifestyle and livelihood. An attorney can help you draft a comprehensive marital agreement that outlines fair terms that you and your spouse determine before it becomes necessary.
A Rochester marital agreements lawyer can also negotiate with your spouse and their counsel to reach a fair resolution. Schedule a consultation with Kohlmeyer Hagen, Law Office Chtd. today.
