Premarital & Postmarital Agreements
Unlike many other law firms in Honolulu, Hawaii, Kleintop & Luria, LLP regularly drafts and reviews premarital and postmarital agreements. Premarital agreements, also referred to as prenuptial agreements, are legal contracts between two individuals who are about to be married. Postmarital agreements, also known as postnuptial agreements, are legal contracts made between spouses after marriage. Both agreements are used to designate the manner in which the property would be divided if the parties divorced.
Benefits of Having Premarital or Postmarital Agreements
There are several advantages for having a premarital or postmarital agreement. One critical advantage is that instead of having Hawaii’s marriage dissolution laws dictate the distribution of the couple’s assets and debts upon divorce, the couple can delineate the manner in which they want their property divided in the event of a divorce in the premarital or postmarital agreement. Other advantages include the following:
- Parties can specify which debts will remain with whom if the parties divorce
- Individuals who are more financially secure or have a high net worth can limit their financial loss
- Allows the less financially secure partner to specify the amount of alimony or support he or she can receive upon divorce
- Offers parties an opportunity to disclose their financial expectations and the extent of their financial assets
- Permits the partner who has children from a previous marriage to ensure that his or her children are well provided for in the event of a divorce
- Assists the parties in avoiding legal disputes over property division during the divorce proceeding
Uniform Premarital Agreement Act
Hawaii has adopted the Uniform Premarital Agreement Act (UPAA), which states, in part, that premarital agreements should be in writing and signed by both parties, and becomes effective at the time of marriage. However, the UPAA does not cover postnuptial agreements and cohabitation agreements, which are agreements where two individuals live together but have no intention of marrying.
Premarital and postmarital agreements can be complex and involved, and require an experienced family lawyer to ensure they are accurately and correctly drafted. To ensure that your rights and interests are protected, contact Kleintop & Luria, LLP today for legal assistance.