A contract of succession is simply a written contract between spouses concluded after marriage to settle the couple`s affairs and property after death or in the event of separation or divorce. It must be written to be effective, fully disclose the assets and financial information of the parties and is usually certified or recognized by notary. Since the 1970s, post-agreements have been widely accepted in the United States. They are generally of three kinds, the nature of which is at issue in this case – an agreement providing for the division of marital property when the first of the spouse dies. Normally, the agreement states that the surviving spouse waives all rights that the survivor has over the property he or she would have inherited under the deceased spouse`s will or the state`s intestacy status. Tiger Woods and Elin Nordegren succeeded. Heidi Klum and Seal did it. What is it? The two couples, along with many prominent spouses, are said to have entered into a contract called an aftershave contract, intended to avoid hairy quarrels over how these couples would divide their property in the event of divorce. Follow-up agreements are written contracts between spouses concluded after the couple`s marriage. Most often, these types of contracts are aimed at protecting financial situations that have changed since the marriage: perhaps a spouse enters into succession or receives a significant salary increase.
But post-terminated contracts are not only for the Elin Nordegrens or Seals of the world. Post-marital agreements can also be a way to encourage debate about what doesn`t work in a marriage and consider ways to improve. Given that states differ as to whether they recognize the validity of a previous treaty if Heidi Klum and Seal had lived in Iowa and fulfilled their contract, their contract would likely not have been recognized by the court at the time of their divorce. That`s because Iowa courts have been cracking down on post-marital agreements for nearly a century, since 1912, when the Iowa Supreme Court first found that post-marital agreements were invalid.