Most people are familiar with prenuptial agreements, which are contracts entered into by people who are about to get married. These agreements often address a variety of issues including everything from how property will be divided during a divorce to lawyer’s fees.
Many people, however, are not familiar with postnuptial agreements, which are similar to prenuptial agreements but are entered into after marriage. Many people also discover that it can be challenging to introduce the subject of a postnuptial agreement to a new spouse.
The following will review some strategies for recognizing when a postnuptial agreement is right for you.
Discuss the Role of Postnuptial Agreements
Postnuptial agreements can serve many purposes, but some of the most common include:
- Asset division. One reason to use postnuptial agreements is that they can play a powerful role in influencing how assets are divided in divorce.
- Waiver. Some parties utilize postnuptial agreements to waive spousal rights after one spouse passes away. By signing postnuptial agreements of this nature, parties agree to waive away any rights they would otherwise have to inherit property or assets.
- Separation agreements. Some couples discover that postnuptial agreements can be utilized as the origins of a separation agreement. These agreements can later be modified to address how things like child custody, child support, and spousal support will be handled.
Who Might Benefit From a Postnuptial Agreement?
Even when you understand the ways in which a postnuptial agreement can be helpful, it can still be challenging to determine if a postnuptial agreement is a good idea for your unique circumstances.
Some of the indicators that it is a good idea to enter into a postnuptial agreement include:
- If a couple wants to clearly define their wishes for how assets should be handled, it is a good idea to enter into a postnuptial agreement. This is because well written postnuptial agreements can clearly express your wishes for how property should be divided.
- If a couple has children from earlier marriages, it might be helpful to enter into a postnuptial agreement to make sure that inheritances are protected.
- In situations in which one spouse has either acted in a financially irresponsible manner or face legal trouble, it is a good idea to enter into a postnuptial agreement.
- If one spouse receives a substantial amount of money from the lottery or an inheritance during the course of a marriage, it might be a good idea to enter into a postnuptial agreement.
- If one spouse stopped working during the marriage to care for minor children, it can be a good idea to enter into a postnuptial agreement to make sure that the individual has adequate support.
Contact a Knowledgeable Divorce Attorney
While they might be challenging to implement, postnuptial agreements can serve many purposes. If you have questions or concerns about a postnuptial agreement, you should not hesitate to speak with an experienced divorce attorney. Contact Vayman & Teitelbaum P.C. today to schedule a case evaluation.