Long ago, married women were unable to enter into contracts. Then came the Married Women’s Property Acts that permitted married women to make contracts with anyone in and outside of the marriage. In this modern age, contracts can be entered into before, during, and after the marriage. If you are thinking about getting remarried, the falling out of your last marriage may have left a bitter taste in your mouth and a desire to protect your assets before you get married again.
You’ve more than likely heard of a prenuptial agreement, or prenup. This is a contract between two people who are planning to get married that handles the division of property should the couple ever get divorced. In North Carolina, the legislature has adopted the Uniform Premarital Agreement Act. The statute sets formal requirements for prenuptial agreements, the first of which is that it must comply with the Statute of Frauds, which means that it must be in writing and signed by both parties.
Unlike most contracts, no consideration is required, so your future spouse is not required to receive any benefit now in order to be bound by the agreement on divorce.
A prenuptial agreement covers much more than just property. Certainly, the agreement not only deals with property brought into the marriage, but also acquired during the marriage. Beyond these concerns, the prenuptial agreement can also detail the terms of spousal support following a separation, including the elimination of spousal support and alimony. The agreement can also cover the making of a will or trust according to the agreement’s terms, meaning that the agreement can be a contract to make or not make, as well as change or not change, a will or trust with respect to the new spouse
Further, it can discuss the payment of a life insurance policy and how much the new spouse may receive. You can also make a decision about the choice of law you want to apply for the agreement, so you can agree that another state’s law will apply to prenup. It should be noted, however, that while you can agree to level or lack of spousal support, a prenuptial agreement cannot affect child support. Once signed, a prenuptial agreement becomes effective upon marriage and will govern whatever you and your Raleigh divorce lawyer have included in its provisions. If you decide after the marriage takes place that you want to amend or revoke the agreement, you will need to meet with your lawyer and have another written statement drafted that will have to be signed both by you and your future spouse.
If you want to address any of these concerns after marrying your new spouse, new agreements may be drawn up between spouses that deal with property.
In North Carolina, spouses may enter into contracts for the purchase or sale of land between each other. And, of course, when you take out a life insurance policy you can designate the beneficiaries of the policy and how much each person will receive.
In contrast to the prenuptial agreement, the postnuptial agreement can contract over may of the same issues, with one big exception. With a postnuptial agreement, you cannot waive alimony payments. Often, this agreement is used to handle estate planning much like the will provisions of a prenuptial agreement.
For any other questions concerning pre-marital and marriage contracts, please contact your Raleigh divorce lawyer.
