Those looking to get married in Tennessee or any other state may benefit from creating a prenuptial agreement. However, once the marriage becomes official, it is not possible to amend that agreement. Instead, it is necessary to create a new pact that addresses any issues that have come up since the marriage occurred. For instance, if a person received an inheritance, an arrangement created by a married couple could say that it is separate property.
However, this assumes that none of the funds have been commingled prior to the post-nuptial agreement becoming official. Any document created after a marriage takes place must be created in the same manner a prenuptial agreement is created. This means that each party to the marriage must make a full financial disclosure to the other. In addition, it must be in each person’s best interest as spouses typically have a fiduciary responsibility to each other.
While a post-nuptial agreement cannot directly address child custody, it can address matters related to taking care of a child. It can also address compensation to a parent who stayed home to take care of a child instead of entering the workforce. For instance, the parent who stayed home could receive a greater share of marital assets or alimony from the working spouse.
A prenuptial or similar agreement might provide asset protection and other benefits to couples who are planning on getting married or who already are. It may help a person leave a relationship with outside property intact or with the promise of financial assistance after a divorce. In addition to helping a person transition into life after marriage, preserving assets might also make it easier to raise a child. An attorney might be able to craft an agreement or review one that has already been created.
