Postnuptial agreements, also known as postnups, are gaining popularity in recent years. In the past, Ohio law did not recognize these documents. However, in 2022, Governor Mike DeWine signed Senate Bill 210 into law, making postnuptial agreements legally binding in the state effective March 23, 2023.
With this change, understanding what the bill means can help Ohioans decide whether this type of agreement is right for them.
What does Senate Bill 210 mean?
This bill, now signed into law, means that married couples can enter into postnuptial financial agreements, just as unmarried couples can sign prenuptial (“prenup”) agreements. This allows married spouses more freedom to change and make their own decisions as they live life and the relationship evolves.
The new law also allows married couples to edit or cancel the terms of their existing prenup to address any changes.
What do postnuptial agreements cover?
A postnup agreement is a consensual contract between adults in a marriage. This type of agreement typically includes the following provisions as outlined in the Uniform Marital Property Act (UMPA):
- the rights and management of any of their property
- the modification or deletion of spousal support
- an obligation to write a will or trust to carry out the postnup agreement
- the distribution of any of their property upon a particular event they choose (e.g., death or divorce)
- how to pay marital debts upon separation
The couple can change, revoke or modify the agreement at any time as long as both parties sign the changes in writing.
Overall, now that Ohio will allow married spouses to enter into postnuptial agreements, some couples may use this legal tool to handle changes in their finances and property.
