Prenuptial, Postnuptial and Cohabitation Agreements
If you are planning a marriage and want to preserve the property you have now to be your separate property in the event of a future dissolution of your marriage, you need to consider having a prenuptial agreement prepared. The process is involved and if not done property, the prenuptial agreement may not be enforceable. While this process is potentially hard for the couple because of emotional issues, it is best to receive legal advice on all options to consider then have a properly drawn document prepared to provide for the procedure and obligations that will be implemented in the event of a divorce or death.
The finalized prenuptial agreement must be signed no later than seven days prior to a marriage to be valid and each party must have their own attorney to advise them and review the document before execution. Don’t wait until the last minute to get this important step done before your marriage!
Agreements that impact the ownership of property can also be done after a marriage, if the parties failed to sign a prenuptial agreement, or when the financial circumstances or assets have changed after marriage and the parties want to document their agreement regarding property and obligations. If there is no planned marriage in your future, but you plan to live with someone and share expenses or jointly own property, and especially if you will be living in a residence owned by one of the parties, a cohabitation agreement is advisable. This document will detail all the rights, responsibilities and obligations the parties have regarding their property, expenses, debts, what will happen in the event of the death of a party or at the time the parties separate or marry.