What is a Postnuptial Marital Property Agreement?

On behalf of admin

A postnuptial marital property agreement can help a married couple feel at ease, knowing their individual assets can be protected in the event of death or a divorce. Do you know the difference between a prenuptial and a postnuptial agreement? The Difference?

The only difference between a prenuptial and a postnuptial agreement is the time they are prepared and executed. A prenup is done before marriage, and a postnuptial agreement is done after marriage. Wisconsin is a marital property state, so without a marital property agreement, married couples impliedly agree that their property will be considered joint marital property. However, there are circumstances where couples prefer to maintain separate individual property, and a marital property agreement is the only way for individuals to make this agreement regarding property classification. Both types of agreements are intended to classify and separate defined property.

There are many reasons a married couple may choose to enter into a marital property agreement after marriage. Some parties may regret not having a prenuptial marital property agreement before marriage. Others may realize that they do not see eye to eye financially and fight over their finances or incomes; they may prefer to keep their finances separate; one party may be inheriting substantial assets or receiving a sizeable gift; they may be thinking about creating an estate plan; one party may have incurred substantial debt unbeknownst to the other; and there may be other personal reasons parties elect to make such a preference.

What is in a Postnup?

A postnuptial marital property agreement is essentially a contract between two married parties to define what will be marital property and what will be individual property. This can include real estate, retirement accounts, income from earnings or investment property; gifts and inheritances, personal property, businesses, and more. Parties will discuss and negotiate the terms of the agreement. They can also add provisions regarding maintenance, also known as spousal support or alimony; taxes; and what will happen upon the death of either party. If parties have prenuptial marital property agreements, they can also update, modify, or amend the agreement post-nuptially, if their circumstances have changed. These documents can be more simplistic or rather complicated and detailed based on the needs of the parties.

Are you and your spouse considering a postnuptial agreement? We can help you. We suggest a consultation to discuss your legal needs, and then we can tailor the perfect agreement for your situation. Contact our Waukesha family law attorneys at 262-518-9896 for a free initial consultation