Prenuptial & Postnuptial Agreements
The core of any premarital or marital agreement is the division of assets, debts, and other financial interests and liabilities. When using a prenuptial agreement, parties can agree in advance of marriage to divide or not to divide their existing or future assets. A key component in this task is determining whether each asset is legally separate property or marital property. Determining the difference between the assets is vital in the event of a future divorce.
Most commonly assets in question may include, but not restricted to:
- Real estate
- Individual incomes
- Business assets
- Life insurance
- Inheritances
- Retirement funds
- Stocks, bonds
- Savings and bank accounts
- Gifts
- Tax liabilities
- Debts such as student loans, credit cards, medical bills, etc.
Agreements about spousal maintenance are also commonly included in many premarital and marital agreements. More often than not, the higher paying spouse will waive or limit the amount of spousal maintenance that they will pay in the event of a divorce. Despite this, Minnesota court will review all agreements for fairness upon divorce or separation.