Postnuptial agreements will soon be another tool for Ohio couples to safeguard their personal assets and create certainty in case unexpected marital issues come up down the road.
A postnuptial agreement is a contract entered into during marriage allowing spouses to create end-of-marriage contingencies that fit their unique situation. A postnuptial agreement can stand on its own as an enforceable agreement or can modify a prenuptial agreement.
Just like prenuptial agreements, a postnuptial agreement can clarify the ownership of financial assets, allow the parties to determine details about divorce settlements in the event that a marriage comes to an early end, and clarify potential responsibilities surrounding children or other potential obligations that are important to the couple. The terms of the agreement will override “default” provisions in Ohio law that would otherwise control the proceedings absent a pre- or postnuptial agreement.
A postnuptial agreement should be carefully drafted to ensure compliance with Ohio law. First, the agreement must be in writing and be signed by both spouses. Second, it must be entered into without fraud, duress, or coercion. Third, there must be full disclosure, or full knowledge, and understanding of the nature, value, and extent of the property of both spouses. Fourth and finally, the terms must not promote or encourage divorce or profiteering by divorce.
The new law will come into effect – and postnuptial agreements will become enforceable – on March 23, 2023. The attorneys at Atkins and Atkins, Attorneys at Law, LLC are qualified, able, and happy to assist in drafting or executing your pre- or postnuptial agreement.
