Marital agreements are binding contracts between fiancés or spouses. They usually discuss the couple’s understanding regarding what property each spouse wants to keep separate from marital property, how to divide marital property if the couple divorces, and similar issues. Each party should have a well-versed family attorney to advise them about the agreement’s implications.
A Mankato marital agreements lawyer from Kohlmeyer Hagen Law Office, Chtd. could explain the requirements for an enforceable agreement and ensure your agreement meets your needs.
Marital agreements signed before a marriage are called prenuptial or antenuptial agreements. Marital agreements signed after marriage are called postnuptial agreements. When a couple forms an antenuptial agreement and later decides to change it, the only way to do so is to enter a postnuptial agreement. Couples who do not have antenuptial agreements also could create a postnuptial agreement.
When a couple divorces, the law regarding property division calls for the marital property to be divided equitably. That does not mean the division must be equal; it must only be fair under the circumstances. However, determining what is fair can be challenging, and leaving it for a judge to decide risks uncertainty and an unfavorable result.
Marital agreements allow spouses to decide for themselves what is fair in their circumstances. Courts will enforce an agreement that changes the statutory scheme for property division as long as it meets specific legal requirements. It is critical to work with an experienced Mankato attorney to negotiate, draft, and execute an effective and enforceable marital agreement contract.
Minnesota Statute § 519.11 governs both types of marital agreements. The law’s original terms described marital agreements as between a man and a woman, but amendments will broaden the language to include all engaged and married couples.
Marital agreements must be procedurally and substantively fair. The law describes in detail how a couple can ensure they comply with these requirements.
Marital agreements must be signed by each party before two witnesses and notarized. Each party must voluntarily agree to the contract, and there must be no coercion or pressure for a party to sign. Before signing, everyone must make a good-faith financial disclosure to their fiancé or spouse. This requirement cannot be waived, even if the couple wishes to do so. In the case of an antenuptial agreement, both parties must have the opportunity to review the agreement with an attorney of their choosing. Spouses entering a postnuptial marital agreement in Mankato must each have their own legal counsel.
This requirement means the agreement must be reasonably fair to both parties and not unconscionable. Marital agreements often favor one spouse, but an agreement that is shockingly one-sided might be considered unconscionable.
A judge would consider the agreement’s impact when it was created and when it is to be enforced. Changes in a couple’s circumstances can sometimes render an agreement that was reasonable when it was made unconscionable by the time a spouse wants to enforce it. If the changes were not reasonably anticipated by the parties and if enforcing the agreement would not produce the result the couple anticipated when they formed the agreement, a court might set all or part of it aside due to a lack of substantive fairness.
Marital agreements are an excellent tool for many couples in many situations. But getting sound legal advice before signing one is essential.
Speak to a Mankato marital agreements lawyer about exercising control over your financial life through a prenuptial or postnuptial agreement. Get in touch with our firm right away to learn whether a marital agreement is right for you during an initial consultation.
