Post-nuptial agreements, also known as post-marital agreements, are contracts entered into by married couples that outline their financial arrangements in the event of a divorce or separation. These agreements can be a valuable tool for couples who want to protect their assets and simplify the process of divorce or separation. If you are considering a post-nuptial agreement in Ohio, it is important to be aware of recent changes to the law that could affect your agreement.
Changes to the Law
In Ohio, the law governing post-nuptial agreements was updated in March 2023.. This bill made several changes to the Ohio Revised Code that impact the enforceability of post-nuptial agreements.
Under the new law, post-nuptial agreements must be entered into voluntarily, with full disclosure of assets and liabilities, and without fraud, duress, coercion, or undue influence. Additionally, the agreement must be fair and reasonable at the time it is executed, and it cannot promote divorce.
The new law also requires that post-nuptial agreements be executed in writing and signed by both parties.
Impact on Post-Nuptial Agreements
The changes to the law regarding post-nuptial agreements in Ohio have several implications for couples who are considering such an agreement. For example, the requirement for full disclosure of assets and liabilities means that both parties must provide complete and accurate information about their financial situation. This information must be provided in a timely manner before the agreement is signed.
The requirement for the agreement to be executed in writing and acknowledged by a notary public or witnesses means that there is a formal record of the agreement that can be presented in court if necessary. This can help to ensure that the terms of the agreement are enforced properly in the event of a divorce or separation.
Post-nuptial agreements can be an effective way for married couples to establish clear guidelines for property division, and other issues in the event of a divorce or separation. However, it is important to be aware of recent changes to the law regarding post-nuptial agreements in Ohio. These changes impact the enforceability of post-nuptial agreements and require that certain legal formalities be followed. Pleae contact our office to discuss post-nuptial agreements.