What is a Prenuptial Agreement?
A prenuptial agreement, or premarital agreement, is a contract between persons planning to marry, concerning property rights upon divorce. A prenuptial agreement is made under the assumption that the marriage may not last forever, which suggests that it facilitates divorce. As in any contract case, courts reserve the right to void any that it finds unconscionable or to have been made under duress.
What Can Be Included In A Prenup?
While not an exhaustive list, the following items can be included in a prenuptial agreement:
- Who will be responsible for expenses such as bills, debts, and personal spending
- Whether income earned by either party is to be considered marital or separate property
- Whether future assets such as a home, income producing real estate, family owned businesses, furniture, art work , jewelry and other valuables will be considered marital or personal property
What Cannot Be Included In A Prenup?
Prenups cannot restrict child support, child custody, or visitation agreements.
For the prenuptial agreement to be valid, both spouses must sign the agreement and all assets and debts must be disclosed.
Postnuptial agreements
On March 23, 2023 Ohio joined many other states in allowing married persons to enter into a postnuptial agreement.
- A husband and wife may, by any contract with each other, do any of the following:
- Enter into a postnuptial agreement that alters their legal relations with each other;
- Modify or terminate an antenuptial or postnuptial agreement or any other agreement that alters their legal relations with each other;
- Agree to an immediate separation and make provisions for the division of property and support of either of them and their children during the separation.
To be upheld in Ohio the postnuptial agreement must meet the following requirements.
- The agreement is in writing and signed by both spouses ;
- The agreement is entered into freely without fraud, duress, coercion, or overreaching ;
- here was full disclosure, or full knowledge, and understanding of the nature, value, and extent of the property of both spouses ;
- The terms do not promote or encourage divorce or profiteering by divorce.
