Elk River Marital Agreement Lawyer

Elk River Marital Agreement Attorney

Prenuptial agreements and postnuptial agreements are common in the U.S., and Minnesota judges enforce and recognize these agreements when couples separate. However, there are certain requirements that must be met to make sure the agreement is valid and legally binding. If you’re interested in such an agreement, an experienced Elk River marital agreement lawyer at Trek & Trust Law can help you determine if a marital agreement is the right choice for your family.

Marital Agreements in Elk River

A marital agreement is a legal contract between spouses either before or after they get married and allows couples to state how assets and debts will be divided in case of divorce, as well as some other rights and obligations. Marital agreements can be helpful to couples who have substantial individual assets or debts, children from previous relationships, or simply want protection against a contentious case should the marriage ends. An experienced family lawyer can help ensure your agreement is clear, fair, and legally enforceable.

The most recent data shows that Minnesota has a marriage rate of 5.2 per 1,000 people, and the median age of Minnesotans’ first marriage is 30 for men and 28 for women.

Marital Property and Individual Property

Minnesota is an equitable division state, like most states. This means that when couples legally separate or divorce, marital property – everything that either spouse or both spouses acquired during the marriage – is divided fairly, which does not always mean a 50/50 split. Instead, family court judges at the District Court take multiple factors into account.

Some of these factors may include the length of marriage, whether any assets were wasted or dissipated, and the preservation of certain assets like family businesses, as well as each spouse’s:

• Age
• Health
• Needs
• Liabilities
• Occupation
• Income sources
• Employability
• Economic circumstances
• Contributions to the marriage, which include childcare and homemaking

Assets owned by each person before the marriage or after the couple separates are not considered marital property. This includes gifts or inheritance given to only one spouse. Some individual property may be considered commingled property, such as one spouse’s separate account if it was used to pay household expenses. An experienced divorce lawyer can help determine which assets are considered separate, marital, or commingled, and protect your financial interests during a separation or divorce.

What Marital Agreements Can and Cannot Cover

Marital agreements generally address financial concerns, like preserving family wealth, business interests, and other matters regarding assets and debts. Child support and custody cannot be decided ahead of time in a marital agreement. These have to be determined when a couple separates, based on the needs and interests of the child at that time. Marital agreements also cannot have stipulations that are illegal, excessively unfair to one spouse, or coerced. Some items that can be covered are:

• Division of marital property and other assets and debts
• How to handle individual property and assets and debts
• Whether to handle inheritance and gifts as marital or individual property
• Whether a spouse can receive spousal support (also called alimony)
• Life insurance benefits

Prenuptial Agreements

Premarital agreements, sometimes called prenuptial or antenuptial agreements, are written prior to a couple getting married. In order for a premarital agreement to be legally binding in Minnesota, it has to be in writing, voluntarily created and signed by both spouses, witnessed by two parties, and notarized. The other important requirement is that both spouses have to completely disclose all their assets and have the chance to consult an Elk River attorney.

If any of these conditions are not met, the agreement may not be valid. Minnesota considers the procedure as important as the contents. This means that, for example, if the document is not witnessed or notarized or one spouse did not get to consult a lawyer, the prenuptial agreement may not be enforceable.

Postnuptial Agreements

Postmarital or postnuptial agreements have the same standards and requirements as prenuptial agreements but are created after the couple marries. Some reasons for creating a postnuptial agreement are starting a successful business after the marriage, receiving a large inheritance, one partner retiring or becoming a stay-at-home parent, or other significant changes to one or both parties’ financial circumstances.

Minnesota recently updated the requirements for postnuptial agreements to require both parties to have their own lawyer, as opposed to the prenuptial requirement that both parties have the opportunity to consult a lawyer. It also added a provision that means a postnuptial agreement may not be valid if the spouses separate within two years of the creation of the agreement, which aims to prevent coercion, especially if the couple is already struggling.

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Contact Our Marital Agreement Lawyer Team Today

At Trek & Trust Law, we take a client-centered approach to each case and work to make complex legal matters manageable. Contact our office to discuss your needs and get started on protecting your family’s future.