When we talk about marital agreements, we mostly come across pre-nuptial agreements or marital settlement agreements, which are agreements between the couple before marriage. A less common type of marital agreement is a “Mid-nuptial” agreement. This is an agreement between spouses who are already married.
Although mid-nuptial agreements are less common, it is important to have awareness about the terms and conditions associated with them as this information is vital in certain situations. For instance, in cases of divorce or death of either of the married spouses, the terms of mid-nuptial agreements can change the rules applied on either spouse just like prenuptial agreements.
Conditions to be met for mid-nuptial agreements
To be a part of the mid-nuptial agreement both spouses must choose and consult with the attorney of their choice independently. Additionally, they must show all their attested assets and liabilities at the time of agreement. Furthermore, each spouse must review and explain those attested documents before signing the agreement.
Terms that can be included in the agreement:
Properties that can be included in mid-nuptial agreements are homes, business ventures, inheritance, investments, and properties bought before the marriage. In the agreement, both spouses will decide how this property will be divided in case of divorce or death of either spouse. The mid-nuptial agreement may include sections defining property and their division depending on the circumstances like death or divorce.
Also, the properties which were acquired jointly by both spouses during their marriage can be included in this agreement. These types of properties are considered marital assets under the divorce code. Both spouses can mutually decide what will happen with those assets if divorce should occur. This can save time and money in the long run because the agreement spells out what the parties intended when they were on amicable terms.
Debts of both spouses in the marital state can also be included in the mid-nuptial agreement. The agreement will determine what will happen with the couple’s debt if divorce or the death of either spouse occurs. This section of the agreement can also establish separate responsibility for the debts of one spouse including the possibility that each spouse is only responsible for the debts incurred in their name.
Mutual consent is a must in this agreement. It cannot be forced upon either of the spouses. The agreement will include a section regarding their mutual consent explaining that signing this agreement is a decision of their own free will. With the mutual consent of both spouses, a provision can be included in this agreement that will allow them to modify it whenever needed. In this case with mutual consent, the document will be drafted, reviewed, signed, and executed later in the marriage.
“Making a mid-nuptial agreement should be prioritized by married couples without any marital agreements, as mid-nuptial agreements have proven to be very helpful in cases of any unprecedented situations or unfortunate incidents mid-marriage” says attorney Nicole Bikakis from Dolan Divorce Lawyers.
Hire an experienced attorney:
Planning a wedding can be a very tedious task, and many couples fail to write a prenuptial agreement due to a lack of time, energy, or understanding of the importance of it. If you find yourself in this position, you can always create a mid-nuptial agreement between you and your spouse. For helpful guidance and to make the overall process easy and smooth, the best option is to hire an experienced attorney to evaluate your situation and circumstances and provide you with the best feasible option for your case.
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