Understanding Postnuptial Agreements in Tulsa Oklahoma
If you are considering protecting your property through a postnuptial agreement in Oklahoma, it is important to understand the legal implications and requirements involved. As experienced Tulsa divorce attorneys, the Divorce Law Office of Tulsa often advises clients on the intricacies of postnuptial agreements and how they can safeguard their assets in the event of a divorce.
What is a Postnuptial Agreement?
In Oklahoma, a postnuptial agreement is a legal contract between spouses that outlines how assets and property will be divided in the event of a divorce. Unlike a prenuptial agreement, which is created before marriage, a postnuptial agreement is crafted after the marriage has already taken place.
While postnuptial agreements can vary based on the parties’ circumstances, they typically cover matters such as:
- Asset Division: Specifies how assets and properties will be divided if the marriage ends.
- Debt Allocation: Details how debts incurred during the marriage will be handled.
- Spousal Support: Establishes terms for alimony or spousal support, if applicable.
- Inheritance Rights: May address what happens to inheritances and family property.
- Business Interests: Clarifies what happens to any business interests owned by either spouse.
Why Create a Postnuptial Agreement?
One of the primary reasons individuals choose to create a postnuptial agreement is to protect their property and assets acquired during the marriage. Without a postnuptial agreement, Oklahoma’s laws on property division in divorce cases will dictate how assets are divided, which may not align with your preferences.
But why do couples decide to create a postnuptial agreement after the marriage rather than entering into a prenuptial agreement before the marriage? While the circumstances can vary, many couples enter into postnuptial agreements for the following reasons:
- Changing Financial Circumstances: Significant changes in financial status, such as receiving an inheritance or a major career change, may prompt the need for a postnuptial agreement.
- Marital Issues: Couples may use a postnuptial agreement to address financial concerns during marital counseling or reconciliation.
- Business Ventures: If one spouse starts a business, a postnuptial agreement can protect the business from being divided in a divorce.
- Legal Clarity: A postnuptial agreement provides clear terms that can prevent lengthy and contentious legal battles in the event of a divorce.
Legal Requirements for Creating a Postnuptial Agreement in Tulsa
It is important to note that there are no statutes in Oklahoma that specifically address prenuptial or postnuptial agreements. Rather, a postnuptial agreement must conform to the basic principles of Oklahoma contract law, including:
- The postnuptial agreement must have been entered into voluntarily, absent coercion, duress, or misrepresentation of material facts.
- Both parties must fully disclose their financial information including assets and liabilities.
- The postnuptial agreement must be in writing and signed by both spouses.
- The terms of the agreement must be fair and reasonable at the time that the agreement is executed.
Note that postnuptial agreements in Oklahoma cannot include terms related to child custody or child support. These issues are determined separately based on the best interests of the child at the time of divorce.
If a postnuptial agreement fails to comply with Oklahoma contract law, then a court will likely not enforce it. This can have disastrous consequences for the parties. Thus, it is highly advisable to consult with an experienced Tulsa divorce attorney before entering into a postnuptial agreement.
How to Create a Postnuptial Agreement
Creating a postnuptial agreement in Tulsa, Oklahoma typically involves the following steps:
- Consult with a Tulsa Divorce Lawyer: Both spouses should consult with independent Tulsa divorce attorneys to understand their rights and ensure the agreement is fair.
- Full Financial Disclosure: Both spouses must disclose all their assets, debts, and financial information.
- Drafting the Agreement: Work with a Tulsa divorce attorney to draft the agreement, ensuring it covers all relevant aspects such as property division, debt allocation, spousal support, and other important terms.
- Review and Negotiate: Review the draft with your attorney, negotiate any changes, and ensure both parties agree to the terms.
- Sign and Notarize: Once both parties agree, sign the postnuptial agreement in the presence of a notary public to make it official.
Consult with an Experienced Tulsa Divorce Attorney
If you are considering a postnuptial agreement to protect your property, it is crucial to seek the guidance of an experienced Tulsa divorce attorney. A knowledgeable attorney can help you draft a legally sound agreement that reflects your wishes and complies with Oklahoma laws.
At the Divorce Law Office of Tulsa, we specialize in helping clients navigate the complexities of divorce, including postnuptial agreements and property division. Our team of skilled Tulsa divorce attorneys is dedicated to providing personalized legal guidance tailored to your specific needs and circumstances.
If you are interested in learning more about how a postnuptial agreement can help protect your property in a Tulsa divorce, contact the Divorce Law Office of Tulsa at (918) 924-5526 to schedule a consultation. Let us help you safeguard your assets and secure your financial future.