Marital Agreements
Sonnenschein is proud to have one of the preeminent practices in the United States relating to Marital Agreements. Our Marital Agreements Group adds another dimension to Sonnenschein's Trusts and Estates practice area.
There are five major types of Marital Agreements: prenuptial, postnuptial, cohabitation, paternity/parenting and separation or property settlement agreements. Our lawyers negotiate and draft such agreements and provide counseling in an area that requires specialized knowledge in a cross-section of fields, including domestic relations, trusts and estates, employee benefits, tax, real estate, corporate and litigation. We also have the opportunity to draw upon the resources of our full-service law firm, consisting of 700 lawyers who practice in virtually every area of the law and throughout the country, working with local counsel when appropriate (such as for non-U.S. citizens).
We have negotiated and drafted thousands of such agreements, representing prominent businessmen and women, sports and entertainment celebrities and some of the world’s wealthiest individuals, although we frequently represent persons of more modest means or the less-wealthy party to such an agreement.
We pride ourselves on being second to none in our ability to successfully handle any kind of Marital Agreement with professionalism, efficiency and sensitivity. Our lawyers are well-versed in the need to be advocates for our clients, but we also realize the importance of creating a positive atmosphere in which underlying personal relationships are not impaired. We act as advisors and negotiators, not prosecutors. Our goal is to arrive at an agreement from which both sides obtain a benefit.
Prenuptial Agreements
A prenuptial (also known as ante-nuptial) agreement, or “prenup,” is a private agreement between a prospective bride and groom that, typically, arranges their financial matters in advance in the event of separation, divorce and death. The agreement substantially overrides the law that otherwise would apply. More and more young couples are entering into prenuptial agreements to protect businesses, professional practices, careers, inheritances and credit, whereas older, more established couples often use them to protect their nest eggs for themselves as well as for their respective children from prior marriages. As a result of the high divorce rate, the changing divorce laws, the trend toward marrying later and greater longevity, the number of prenups has quintupled in the last twenty years, and continues to grow.
Postnuptial Agreements
“Postnups” are similar to prenups except that they are entered into during marriage. They are for couples who want to amend their prenups, who did not have a prenup when they married, but realize the need for one after marriage, or whose circumstances change after marriage. Postnups have increased tenfold in the last five years.
Cohabitation Agreements
“Cohabs” fulfill the functions of a prenup or postnup for heterosexual and same sex couples who do not marry. Arguably they are even more important than prenups, because the law generally provides few if any rights for cohabitants. Since cohabitation has increased by over 1000% in the last forty years, these agreements have become more prevalent among unmarried couples of all ages.
Paternity/Parenting Agreements
Paternity/parenting agreements acknowledge paternity/parenting and provide protection for both parents and children. These agreements are growing in popularity along with DNA testing and out-of-wedlock parenting.
Separation Agreements
A negotiated separation agreement almost always provides the most cost-effective and least painful way to terminate a marriage. Sonnenschein’s expertise in complex valuation, economic, retirement plan-related and tax issues, as well as our substantial experience in negotiating and drafting such documents makes us uniquely equipped to structure the amicable dissolution of a marital partnership.
International Agreements
In our increasingly mobile world, more and more couples of different citizenship marry, and more and more couples move from one country to another. Sonnenschein has in-depth experience in handling “cross-border” Marital Agreements, and maintains extensive international contacts, both through the Lex Mundi network and otherwise.
Collaborative Law
Sonnenschein's Marital Agreements Group also is qualified to represent clients in the collaborative law process, an increasingly popular way to resolve family disputes without litigation.
