When it comes to marriage, many couples opt for a prenuptial agreement to protect their assets and ensure a fair distribution in case of divorce. But what about those who didn`t sign a prenup before tying the knot? Enter the postnuptial agreement.
Specifically in Tennessee, a postnuptial agreement is a legal document that a couple signs after they have already tied the knot. This agreement outlines the division of property and assets in the event of separation or divorce. While postnups are not as common as prenups, they can still be a valuable tool for couples who want to establish clear guidelines for their future together.
Here are some key points to keep in mind about postnuptial agreements in Tennessee:
1. Both spouses must agree to the terms: Unlike a prenup, a postnuptial agreement requires the agreement and signature of both parties. The agreement must also be written and signed in front of a notary.
2. Property division can be outlined: The postnuptial agreement can determine how assets and property will be divided in case of divorce or separation, including real estate, bank accounts, investments, and personal property.
3. Child support and custody cannot be predetermined: It`s important to note that a postnuptial agreement cannot determine child support or custody arrangements. These matters are determined by the court and cannot be predetermined in a contract.
4. The agreement must be fair and reasonable: A postnuptial agreement must be fair and reasonable to both spouses. If a judge determines that the agreement is one-sided or unfair, it may not hold up in court.
5. The agreement can be changed: If circumstances change, a postnuptial agreement can be revised or even terminated by both spouses. It`s important to consult with an attorney before making any changes to the agreement.
In Tennessee, postnuptial agreements can provide couples with the peace of mind that comes with establishing clear expectations for their future together. While they may not be for everyone, consulting with an experienced attorney can help couples determine if a postnuptial agreement is right for them.