You may not be familiar with Postnuptial Agreements like you may be with Prenuptial Agreements. The objective is the same as a prenuptial agreement, but it is made after the couple is already married. Having a postnuptial agreement does not signify that your marriage is going to come to an end; it is simply a way of protecting one’s assets and income. Here are a few reasons why you might consider having a postnuptial agreement:
- Protect your business: If you have your own business you might consider a postnuptial agreement in order to protect the life of your business in the event a divorce does occur.
- Fighting about finances: If you and your spouse begin to argue about finances you might consider a postnuptial agreement. Putting this agreement in place can protect both parties if the relationship ends in divorce. A postnuptial agreement may also relieve some of the tension involving money in the household.
- Revising a prenuptial agreement: You may already have a prenuptial agreement in place but after getting married one spouse’s income or assets may drastically increase and you want to alter your prenuptial agreement to reflect the change.
In order for a postnuptial agreement to be enforceable in Georgia the court will look at these three standards:
- Was the agreement acquired through fraud, duress or mistake? Did either party supply misinformation or insufficient information regarding the marriage?
- Is the contract made for unethical reasons?
- Have facts changed since the agreement was made, making the agreement now unfair?
Note: In Georgia both parties should have legal representation to make a postnuptial agreement enforceable. Consult with your spouse and an attorney before entering into a postnuptial agreement. Read more about the benefits here.