Much like a prenuptial agreement, a postnuptial agreement is an agreement between the parties regarding division of assets, property, debt, spousal maintenance, and other issues in the event of a divorce. A postnuptial agreement is entered after the marriage has taken place but before a potential divorce has occurred. The purpose of this helpful tool is to protect each party and minimize disputes if a divorce occurs. In addition, a postnuptial agreement can be an effective way to potentially save your marriage where the alternative would be a divorce for the sole purpose of protecting your assets.
Minnesota Statute 519.11 Subd. 1a outlines the requirements that make a postnuptial valid. In short, some of the requirements include:
- Each party must have their own, separate attorneys;
- There must not be any undue influence or duress at the time of the postnuptial agreement;
- A postnuptial agreement is unenforceable if one party commences a divorce within two years of the execution of the postnuptial agreement, unless one party can prove that the postnuptial agreement is fair and equitable;
- The agreement must be fair and equitable to both parties;
- The agreement must be in writing and executed before two witnesses.
Although this document can offer various benefits and cut down on litigation in the event of a divorce, if it is not drafted properly, it can lead to more expense and headache down the road.
Please contact Keirnes Law for questions regarding drafting, reviewing or modifying postnuptial agreements.