Postnuptial agreements are a legal option not always discussed, leading to many misunderstanding their purpose. In Georgia, these agreements are entered into during a marriage and outline how the couple will divide assets or debts in the event of a divorce. These agreements help both parties save money by limiting the time and complexity of a divorce since the issues that often lead to a divorce being contested are discussed in advance. However, like a prenuptial agreement, the idea of talking about a postnuptial agreement makes some uncomfortable, causing couples to overlook the obvious benefits. Understanding how a postnuptial agreement benefits you may encourage you to create one during your own marriage.
Avoid Common Prenuptial Agreement Pitfalls
Though prenuptial agreements are more popular and widely used, they also come with many major drawbacks that could render the entire agreement invalid. Two of the most common problems with a prenup are that a couple in love may be in such a hurry to get married that they do not receive the legal advice they need prior to signing the document. A couple who is focused on planning a wedding might wait until the last minute to sign the agreement. In both scenarios, the agreement may later be ruled invalid because both parties did not seek legal advice or one party might accuse the other of using duress or intimidation by forcing him or her to sign or deal with the embarrassment of a cancelled wedding. Using a postnuptial agreement avoids these problems by waiting until the wedding is over, allowing both parties to focus on the agreement and seek proper counsel.
Relieves Financial Pressure
Money and other finance-related issues are one of the primary reasons couples get divorced. Problems cited by recently divorced couples include constant shopping, having different views on accumulating debt, and inability to manage money. Creating a postnuptial agreement can relieve some of the pressure in the marriage by clearly outlining who is responsible for certain debts and who is entitled to various assets. Couples who are not dealing with unexpressed concerns about being financially responsible for their spouse’s debts or losing an asset that they primarily paid for may see their relationship once again strengthen.
Creates Transparency in Blended Families
As the number of remarriages increases, so does the number of blended families living and working together. A prenuptial agreement can be used to protect the assets of children from a previous relationship and in some cases are even incorporated into estate planning. However, it is possible that changes in finances that happen during the marriage can impact a previously made agreement. Instead of revising a prenuptial agreement, it might be more beneficial to create a postnuptial agreement. The new agreement allows both parties to determine how best to distribute assets among their children while protecting businesses or other things for the next generation.
Talk About Your Options
Contacting a postnuptial agreement attorney to talk about your options is the best way to determine if you or your relationship will benefit from one. An attorney is able to review any existing prenuptial agreements, look over your finances, and provide you with honest feedback. The attorneys at Vayman & Teitelbaum know how important it is to protect your future and your children without alienating your spouse. We are prepared to offer you legal assistance that does not overlook the sensitivity of the situation. Contact one of our four Atlanta area locations today and schedule your initial consultation so that we can begin working on your behalf.