In North Carolina there are several types of marital contracts, these include prenuptial, postnuptial, and separation agreements.

Prenuptials

A prenuptial agreement allows for both parties to agree that certain assets will remain excluded from the division of marital property if a divorce occurs in the future. Given the divorce rate these days, prenuptial agreements are more common and should be considered especially for partners who are marrying later in life and have already obtained financial security. Couples who enter into a prenuptial agreement have a clear understanding of their situation and each other's expectations. Having done this work prior to the wedding often sets the groundwork for a more successful marriage in the long term. It is important to note that a prenuptial agreement only address financial matters that currently exist or are expected to occur, such as a possible inheritance. Such agreements are not allowed to include any legally binding decisions regarding child support or child custody upon divorce, but can include legally binding decisions regarding spousal support. Timing is crucial with regard to the prenuptial agreement and shouldn’t be entered if duress or coercion are present, which could render the agreement invalid.

Postnuptial

A postnuptial agreement is similar to a prenuptial agreement except that it is made after marriage. The purpose of a postnuptial agreement is similar to a prenup in that It establishes the distribution of assets and debts to make a potential divorce easier and more amicable. A postnuptial agreement may be made at any time during the marriage and may replace an existing prenuptial agreement.

Separation Agreements

First and foremost, it is not necessary to have a separation agreement to make your separation legal. Your separation becomes “legal” once you or your spouse leaves the marital residence with the intent that it be permanent. Separation agreements are a contract between you and your spouse that can contain provisions on your agreements pertaining to spousal support, child custody, child support, and equitable distribution, just to name a few. Separation agreements can essentially cover and resolve all issues without any need of litigation. Many people are comforted by the idea of having a separation agreement in place while they are waiting for their divorce to become final. Once you are eligible for divorce, after your one-year separation, your separation agreement can be incorporated into your divorce decree thereby becoming a part of the court order, enforceable by the powers of the court. The agreement must be signed by both parties to be effective.