Cleveland Prenuptial And Postnuptial Agreement Lawyers
While love may be priceless, practical planning can provide peace of mind. At Cavitch Familo & Durkin, we help individuals create and negotiate the terms of prenuptial and postnuptial agreements.
What Is A Prenuptial Agreement?
A prenuptial agreement is a legally binding contract entered into by two individuals before they get married. Depending on an individual’s objective, these agreements may set forth how assets, debts, and financial responsibilities will be handled in the event of a divorce, separation, or death. While often associated with protecting wealth, prenuptial agreements can be entered into for many different reasons including:
- Identifying and preserving pre-existing assets and debts.
- Making provisions to protect assets for children.
- Couples entering second or subsequent marriages.
- Business owners looking to safeguard their pre-existing business
What Is A Postnuptial Agreement?
A postnuptial agreement is similar to a prenuptial agreement but is created and signed after a couple is already married. Couples may choose to enter into a postnup for various reasons.
Key Benefits Of A Postnuptial Agreement
- Flexibility: Allows couples to adapt their financial arrangements as their lives and assets evolve.
- Problem Solving: Can address financial issues that arise during the marriage.
- Enhanced Security: Provides a clear financial roadmap for the future.
What Can Prenuptial And Postnuptial Agreements Cover In Ohio?
Prenuptial and postnuptial agreements can address a wide range of concerns, including:
- Characterization of Property: Defining what is separate property (owned before marriage or received as a gift/inheritance) and what is marital property (acquired during marriage).
- Division of Assets and Debts: How assets and debt will be divided in the event of divorce.
- Spousal Support (Alimony): While many couples wish to define a future right to spousal support and/or a future obligation to pay spousal support, waiving or defining the terms of spousal support. In Ohio, courts retain the right to review spousal support provisions to determine if the terms are conscionable at the time of actual divorce or separation.
- Business Interests: Protecting a stake in a family business or individual enterprise.
- Inheritance Rights: Protecting property previously inherited by a spouse or inheritances for children.
Important Considerations
In order to be enforceable, prenuptial and postnuptial agreements must be entered into under the following circumstances:
- Full Disclosure: Both parties must fully and accurately disclose all their assets and debts.
- Voluntary: The agreement must be entered into voluntarily and without coercion.
- Independent Legal Counsel: Both parties should have the opportunity to obtain independent legal representation.
- Written and Signed: The agreement must be in writing and signed by both parties.
Schedule A Consultation With An Experienced Cleveland Lawyer
Whether you are preparing for marriage or seeking to formalize financial arrangements during your marriage, we are here to guide you through every step. We prioritize open communication and strive to make this process as smooth and stress-free as possible.
Fill out our online contact form or call us at 216-865-1718 to schedule a confidential consultation.