Postnuptial Agreements in West Virginia - What You Need to Know
Most people have heard of a prenuptial agreement (also known as a prenup), but have you ever heard of a postnuptial agreement? Maybe not, but you can enter into a legal contract with your spouse after you are married. This is known as a postnuptial agreement. Postnuptial agreements are legal contracts between married couples that outline how their assets and debts will be divided in case of a divorce or separation. Postnups can also set expectations for the handling of finances and financial responsibilities during the marriage as well. In West Virginia, postnuptial agreements are recognized as valid and enforceable if certain requirements are met. In this blog post, our Morgantown family law attorney, Brianna W. McCardle, discusses what you need to know about postnuptial agreements in West Virginia:
What is a Postnuptial Agreement?
A postnuptial agreement is a legal contract that is signed after a couple gets married. It outlines how their assets and debts will be divided in case of a divorce or separation. Postnuptial agreements can cover a wide range of topics, including property division, spousal support, and debt allocation. They can also address issues such as inheritance rights and how retirement accounts will be divided.
Are Postnuptial Agreements Valid in West Virginia?
Yes, postnuptial agreements are recognized as valid and enforceable in West Virginia. To be considered valid, a postnuptial agreement must meet the following requirements:
The agreement must be in writing and signed by both spouses.
Both spouses must have entered into the agreement voluntarily and with full disclosure of their assets and liabilities.
The agreement must be fair and reasonable at the time it is entered into.
The agreement cannot be unconscionable or against public policy.
It’s important to note that postnuptial agreements generally cannot be used to determine child custody or child support. These issues are decided based on the best interests of the child at the time of the divorce or separation.
Why Would a Couple Consider a Postnuptial Agreement?
There are several reasons why a married couple may consider a postnuptial agreement, including:
To protect assets: A postnuptial agreement can outline how assets will be divided in case of a divorce or separation, protecting each spouse’s individual assets.
To address changes in financial circumstances: If one spouse experiences a significant change in income or financial circumstances, a postnuptial agreement can help ensure that both spouses are protected. An example of this is when one spouse leaves the workforce to be a full-time stay-at-home caregiver for minor children.
To clarify expectations: A postnuptial agreement can help clarify each spouse’s expectations regarding property division and financial responsibilities.
Postnuptial agreements can be a useful tool for married couples in West Virginia who want to protect their assets and clarify their expectations regarding property division and financial responsibilities. However, it’s important to ensure that the agreement is entered into voluntarily, with full disclosure of assets and liabilities, and that it meets the other requirements of West Virginia law. If you have questions about postnuptial agreements or other legal issues related to marriage and divorce, our West Virginia family law attorney offers free initial consultations.
