{3:00 minutes to read} The Equitable Distribution Law has a specific provision that allows couples to enter into an agreement, both before (Prenuptial) and after (Postnuptial) a marriage.
In addition to making a provision for the distribution of assets and liabilities in the event of a divorce, these agreements allow a couple to make testamentary provisions or waive any claim either may have in the estate of the other. This means that the couple can agree in advance on how they will divide up their assets upon the death of either of them. And unlike a will, neither person can change the terms without the consent of the other!
For example, a couple may agree that upon the death of one, the marital residence will go directly to the other so he or she can continue to live in their home. Furthermore, the agreement can state that upon the death of the second spouse, any such real estate must be divided a certain way between the children of each spouse. This means that the second-to-die can’t cut out the children of the first-to-die but still gets to stay in his/her home!
In addition, the agreement can provide for the payment or waiver of spousal support as well as provisions concerning the care and custody of any children of the marriage.
The overriding requirement of any such agreement is full financial disclosure. The best way to ensure the enforceability of the agreement is to make sure each person is aware of the assets and liabilities of the other and is aware of any potential legal claim he/she may have to those assets before waiving a future claim to them.
For those using our services, we will provide you with a Financial Disclosure Form that will allow you to provide all of the financial information you will need to satisfy this requirement. Further, we will inform you of the legal issues pertaining to Equitable Distribution, Spousal Maintenance, and Child Support so you can make informed decisions with respect to these matters.
If you are considering getting married, or remarried, and would like to hear more about these services, call the office to schedule a complimentary consultation appointment with one of our mediators. There is no charge or obligation; the only requirement is that the two of you come in together!
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