The time leading up to a wedding is full of excitement and preparation. And as you and your beloved plan your life together, the last thing on your mind is the possibility that your marriage may end; therefore, the thought of a prenuptial agreement doesn’t enter your mind.
Reality sets in after the ceremony and celebrations wind down, and practicality takes over.
But is it now too late for an agreement?
The benefits of having a postnuptial agreement
Most people equate postnuptial agreements (also known as postmarital agreements) with the protection of assets in the event of a divorce. They provide much more than that, such as:
- Encouraging honest discussions about finances.
- It protects spouses from the other partner’s debts
- Preservation of assets for children from previous relationships
- Protection of family heirlooms or family-run businesses
- Spousal support
One of the things a postnuptial agreement can’t do is determine child custody or support.
For a postnuptial agreement to be valid in Minnesota, each spouse must have representation by separate counsel to ensure that each party understands the implications of the contract and negotiates fair and equitable terms.
The agreement needs to be in writing and signed by two witnesses. It must also be filed with the court in every county where any real estate in the agreement is located.
However, an agreement will be considered invalid if filed within two years of a divorce or legal separation.
Postnuptial agreements can effectively establish financial transparency, protect assets and provide peace of mind. Minnesota law recognizes the importance of such contracts as long as they meet specific requirements to ensure no coercion or undue influence. Working with someone who will ensure your assets and rights are protected is essential.