Domestic Agreements — Before or After Marriage
There are good reasons why people may want to keep certain assets (or debts) in separate ownership. Especially in second and third marriages, family finances can become complicated. Agreements can be reached before or after marriage. In order to change an agreement, the parties must agree, and be represented by separate counsel.
In case of divorce, these types of agreements can greatly reduce disputes by clarifying in advance what the couples agreed to keep separate.
Especially when people marry later in life, having clear agreements can lead to good family relationships.
Prior to marrying, utilize a Premarital Agreement to determine exactly what assets — and debt — your prospective partner has. These agreements take effect upon marriage.
Consider a Premarital Agreement if you:
- have premarital assets or debts you want to keep separate
- want full disclosure about assets and debt
- own a business or are in corporate partnership
- want to protect certain assets for the care of aging parents
- prefer to manage your own affairs
- expect inheritances that you wish to keep separate
- want to protect assets for your child’s education
- want to protect your new spouse from debt or tax consequences
- want to pass specific assets to children or grandchildren
- want to protect assets for the care of a child with special needs.
A marital agreement occurs during the marriage with full disclosure and consent of both parties. Each is separately represented by an attorney, and the agreement can only be amended if both parties agree.