Postnuptial agreements come to Ohio
Most people have heard of a prenup – or prenuptial – agreement, but a new law in Ohio will now allow for a postnuptial agreement.
A prenuptial agreement is an agreement a couple enters into before marriage describing how their assets will be divided on divorce or death. However, once you were married, you could not amend or terminate the prenuptial agreement or enter into any agreement regarding the division of assets.
Until now, all other states besides Ohio and Iowa allowed for an agreement after marriage to either amend the prenuptial agreement or have a whole new agreement describing how assets will be divided on divorce or death. But now that Senate Bill 210 has been signed into law, married couples in Ohio can go forward with a postnuptial agreement.
There are a couple of scenarios that a postnuptial agreement could lend itself to.
For example, at the beginning of a marriage, the husband and wife were about equal in finances and agreed in a prenuptial agreement that each would keep their own assets. Then they have three children and for twenty years the wife stays at home raising the family and the husband grows his business to be a very valuable asset. The wife might want some part of those assets since she lost the opportunity to grow her assets.
In that case, a postnuptial agreement could provide that she shares in some of the growth of the husband’s assets.
In another scenario, let’s say parents want to give a portion of the family business to their daughter who has joined the business. If that is done, it is possible that some of the growth in the business resulting from the daughter’s efforts could turn into an asset the son-in-law can grab if there is a divorce.
Now, with a postnuptial agreement, the daughter can enter into an agreement with her husband that will provide he gives up his interest in the family business and its growth.
Both parties need an independent counsel to represent them, or the agreement might not be valid. You need an attorney familiar with the tax and estate planning implications of these changes, especially if a family business or significant other assets are involved.
It can be tricky to navigate, so if you need help or have any questions, call us. We’re here to help!
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