POSTNUPTIAL AGREEMENTS IN OHIO
Postnuptial agreements are contracts entered into between couples after marriage that establish property rights and financial responsibilities should the marriage end by divorce or death. Unlike a prenuptial agreement, postnuptial agreements allow married couples to establish clear financial arrangements and property rights during their marriage rather than before the marriage.
WHAT ARE POSTNUPTIAL AGREEMENTS?
Postnuptial agreements are legally binding contracts signed by couples after marriage that determine how assets, debts, and financial responsibilities will be handled during marriage and in the event of divorce or death. These agreements can address similar issues to prenuptial agreements but are executed after the wedding has taken place. Parties can also utilize a postnuptial agreement to modify or amend their prenuptial agreement. The Ohio Statute governing postnuptial agreements is R.C. 3103.06.
CONSIDERATIONS FOR OHIO POSTNUPTIAL AGREEMENTS
Like a prenuptial agreement, postnuptial agreements in Ohio should meet several important criteria to maximize enforceability. The agreement should be in writing and properly executed by both parties. Both parties must make a full and complete financial disclosure. The agreement must be entered into voluntarily without coercion or duress. The agreement cannot be unconscionable at the time of execution, nor can it promote or incentivize divorce. To maximize the argument for the agreement’s enforceability, each party should obtain and consult with independent legal counsel.
REASONS TO CONSIDER A POSTNUPTIAL AGREEMENT
There are many valid reasons why couples might consider a postnuptial agreement. These include, but are not limited to, a significant change in financial circumstances after marriage, starting or acquiring a business during the marriage, receiving a substantial inheritance or gift, financial planning for blended families, addressing financial concerns that have arisen during marriage, clarifying financial responsibilities within the marriage, planning for potential long-term care needs, and reconciliation after separation.
CALL ZUKERMAN ABOUT POSTNUPTIAL AGREEMENTS:
If you are already married and interested in establishing clear financial arrangements with your spouse, our attorneys can help you navigate the complex legal requirements for creating an enforceable postnuptial agreement.
Call Zukerman, Lear, Murray & Brown Co., L.P.A. today to discuss whether a postnuptial agreement might benefit your family.
