How a Postnuptial Agreement is Different From a Legal Separation Agreement
How a Postnuptial Agreement is Different From a Legal Separation Agreement
It is not often than the people involved in a marriage want to talk about planning for a divorce. However, there are many circumstances under which the two members are well served by having the discussion. Perhaps the most well-known situation is the prenuptial agreement, in which couples decide on the terms of a potential divorce even before the wedding takes place. Some of the other circumstances when planning is important are in the case of postnuptial agreements and legal separation agreements. Here’s a closer look at the differences between the two legal documents.
What is a Postnuptial Agreement?
This contract, which is created after a couple is already married, is essentially the same thing as a prenuptial agreement with a few exceptions. The postnuptial contact addresses issues such as asset division, debt allocation, inheritance disbursement and other issues. It can be created immediately after the wedding or many years into the marriage.
Postnuptial agreements are called for when one spouse is to retain ownership of specific funds or belongings in the case of a separation or divorce. If he or she is going to get an inheritance from a parent that will belong only to that him or her, that can be covered in a postnuptial agreement. These contracts also constitute an opportunity for parents to mutually agree on who will get custody of the children in a possible future divorce and how much spousal support money will change hands each month. By agreeing to these terms beforehand, couples can simplify the divorce proceedings if the unfortunate were to happen.
What is a Legal Separation Agreement?
Legal separation agreements are what is used when a couple wants to financially separate but not divorce immediately. These contracts outline what assets each member and what debts will each member will retain when the separation happens. Some couples choose to separate but remain married for reasons such as better health benefits or Social Security payments. Where postnuptial agreements are entered into by spouses who are married and not planning on divorcing, legal separations are for spouses who aren’t living together and may eventually get a divorce.
The Law for Both
Couples who want help with one of these contractual agreements can get clarification from their legal advisor on which one is more appropriate for the current circumstances. Both options are legally valid in the eyes of the court. If a divorce were to happen in the future, both a postnuptial agreement and legal separation agreement would be binding for the people involved. However, legal separations are much more common, so the court likely will have much more experience administrating the terms of that type of contract.
In many cases, couples who have decided to legally separate do not need to appear in court to get divorced. If there is a postnuptial agreement or legal separation agreement that clearly lays out the terms of a dissolution, the couple can use divorce mediation instead. Mediation may be a simpler and less stressful option for couples going through the unhappy event of a divorce, not to mention it is a less costly and time consuming endeavor.
