Increasing numbers of engaged and married couples are choosing to sign prenuptial and postnuptial agreements because families are better informed about the benefits of family agreements.
Whereas a prenuptial agreement is signed before the marriage takes place a postnuptial agreement is signed after the marriage.
What is a postnuptial agreement?
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Why enter into a postnuptial agreement?
Are postnuptial agreements legally binding?
What are some of the important elements for a postnuptial agreement?
When formulating your postnuptial agreement, the following important elements should be complied with:
- Both of you will need to complete full and frank financial disclosure.
- Both of you will need to take independent legal advice on the agreement and its effects.
- Terms of agreement should be “substantially fair” i.e. provide for each of your basic needs.
- There should be no undue influence or duress suffered by either party.
- A statement that you both intend the agreement to be legally binding.
- Must be executed as a ‘deed’ – must be witnessed by an independent witness.