Marital property still not settled by pre or postnuptial agreements

Marital property division is, of course, a significant part of any divorce. Wealthy people, such as former Massachusetts resident Frank McCourt, often use prenuptial and postnuptial agreements to define how certain marital property will be divided in the event the phrase “’til death do us part” takes on a different meaning. McCourt is the embattled owner of the Los Angeles Dodgers, who is also in the midst of a contentious and high profile divorce from his wife of many years.

He and his wife previously executed a postnuptial agreement that was prepared by a Boston law firm. A postnuptial agreement is a contract entered into by a couple after they have already been married. Its intent is normally to agree on a division of assets in the event of a subsequent separation or divorce. The McCourt’s executed such an agreement, but it came under fire in the divorce litigation currently pending.

Pre and postnuptial agreements are legally binding documents that may well help couples resolve issues that often come up during the division of assets. Not every couple entering into marriage needs a prenuptial agreement, but it is generally helpful for couples who both have acquired assets prior to marriage, if either soon-to-be spouse has children they want to retain their inheritance, or if one spouse has a greater income than the other. A consultation with an attorney can help in determining your pre and post marital needs.

In Massachusetts, an attorney with experience in resolving disputes over complex property division in matters of divorce may help individuals gain perspective and assist in planning a fair and equitable disposition.

Source: The Boston Herald, “Judge tosses Boston law firm’s suit against Dodgers owner Frank McCourt,” Donna Goodison, Aug. 18, 2011

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