You probably already know about premarital agreements. You might not know that you can have a post-marital agreement in Ohio. A premarital agreement protects assets in case of a divorce.
A post-marital agreement happens during the marriage. It outlines what will happen in the event of divorce or death.
What are the requirements of a post-marital agreement?
In Ohio, the post-marital agreement has to:
- Have the signatures of both parties
- Have full disclosure of all assets
- Provide that neither party is under duress
- Not promote divorce
This is an agreement between the parties, not a weapon in a divorce. It can also be useful in amending a prenuptial agreement.
What are the types of post-marital agreements?
- Division of assets and spousal support – this provides an exact outline of the division of assets in the event of a divorce. It can support or waive rights when it involves alimony or child custody.
- Vehicles for waiving spousal rights on death – this outlines what happens to assets after death. In some cases, the assets go to the spouse; in others, they may go to the children.
- A separation agreement template – much like a prenuptial agreement, this is a template that spells out how child custody, support and visitation will take place. It can also divide assets and liabilities.
Why use a post-marital agreement?
A post-marital agreement helps the parties keep track of assets, provide for children and deal with financial issues. It essentially makes a separation, death or divorce easier.
Often, a couple makes a post-marital agreement when they experience a life change, such as having children, starting a business or buying a home.