What is a postnuptial agreement in Louisville? Most of us have heard of a prenuptial agreement. You may be surprised to learn it is also possible to enter into a postnuptial agreement once you are married. A postnuptial agreement establishes the nature of a specific asset and specifies how it is to be handled in the event of a divorce.
Why would we want to consider a postnuptial agreement? Here in Kentucky all assets and debts acquired by either or both of the spouses from the date of the marriage to the date of separation is considered to be marital property. Marital property is to be divided equally between the parties in a Kentucky divorce.
A postnuptial agreement in Louisville protects things which are important to each person. Postnuptial agreements typically address either the division of marital property or agreements regarding maintenance.
For example, if one of the spouses has developed a business and the other has writings, music or other creations of art each may want to ensure their work is not to be divided in the case of a divorce. In the case of a second or subsequent marriage, the parties may wish to protect heirlooms or specific assets they wish to pass on to children from a previous marriage.
A postnuptial agreement in Louisville cannot govern legal matters such as child custody, parenting time or child support. These matters must be resolved and/or approved by our Family Court. These issues may be resolved in mediation or the parties may reach an agreement on their own. However, the agreement is not enforceable until it is reviewed and approved by the Family Court.
The most expensive and time-consuming aspect of divorce involves resolving areas of disagreement between the former spouses. A postnuptial agreement saves time and reduces the financial and emotional price of any resulting divorce.
A properly structured postnuptial agreement in Louisville is an enforceable contract. A postnuptial agreement can also be an effective estate planning tool. It simply captures the agreements and intentions of the parties regarding specific assets.
We invite you to review the strong recommendations of our former clients and contact us or call 502-584-1108 to schedule an appointment with one of our experienced divorce and family law attorneys.
