Whose Property is it Anyways? Postnups Allow Spouses to Choose
Postnuptial agreements are contracts made between two spouses after they enter into marriage. According to HuffPost, a postnuptial agreement can handle a variety of issues, such as the following:
- How the spouses will pay for retirement and children’s education
- How the spouses plan for illness or disability
- How each spouse will be protected in the event of the other’s death
- Whether property is held jointly or individually
- Which spouse is responsible for paying debts
- How earnings are allocated and spent
- What role each spouse plays in any business interest held by either spouse
Celebrity Postnuptial Agreement
Postnuptial agreements serve as a way to keep the marital finances in order and, in some cases, separate. For example, supermodel Heidi Klum’s recent divorce filing claimed she and husband Seal have a postnuptial agreement that provides that their property be kept separate in the event of divorce, according to Examiner.com.
Seal’s response, however, did not mention the postnup. Instead, Seal seeks to have the couple’s “quasi-community” property divided between them under California’s default community property rules. In California, property obtained by either spouse during the marriage, except for gifts and inheritances, is considered to be owned by both spouses. A valid postnuptial agreement would thus make a tremendous difference in how this case is resolved.
Spouses who want to customize the way their assets and financial obligations will be divided should contact a skilled divorce attorney who can draft a post-marital agreement on their behalf.