February 3, 2018
Separation agreement and postmarital agreements are both contracts made between married spouses. The key difference between these agreements is that a separation agreement is made in anticipation of an eventual divorce, while a postmarital agreement can be used by a couple that intends to remain married.
There are several situations where you may want to consider either a postmarital or separation agreement, including the following:
You Are Separated, But Open to Reconciliation
In this situation, a postmarital agreement can be used to divide property or decide other financial issues. You and your spouse can keep your options open regarding resuming your marriage, while still settling some of your financial issues.
One common term that spouses may attempt to negotiate is a waiver of the right to receive alimony. A dependent spouse may have a legal right to receive alimony, so an alimony waiver should only be signed after a careful consideration of all the facts and a consultation with your family law attorney.
Your Financial Situation Changes
If you acquire new assets or take on debts, you can use a postmarital agreement to decide how these assets will be treated in an eventual divorce. This can reduce your potential litigation costs if you and your spouse ever split up.
Postmarital agreements can also be used to update a prenuptial agreement. If you have a prenup, it may require updating after several years have passed or if you’ve experienced a change in your financial situation.
You Are Planning Your Divorce
If you are sure you want to get divorced, a separation agreement will make the process much easier. A separation agreement can be used to decide most of the contentious issues that come up during a divorce, including alimony payments and property distribution.
If you can’t come to terms with your spouse on any of these issues, a judge will make a decision for you. It’s more cost-effective and usually less stressful to negotiate these issues with your former spouse, but sometimes you have no choice but to present your case in divorce court.
Consult with your divorce attorney whenever your financial situation changes or you are contemplating separation to make sure your interests are protected.
The lawyers at King Law can help you through the difficult process of separation, divorce, and child custody.We invite you to come in and talk with one of our family law attorneys during an in-person consultation. Our number is 888-748-KING (5464).