Obtaining a prenuptial agreement is viewed as a way to protect and separate a couple’s assets prior to marriage. Not every person is comfortable suggesting a prenuptial agreement to a potential spouse or may not realize that an agreement was advisable until after the marriage occurred. When either scenario occurs, investing in a postnuptial agreement is viewed as a way to address concerns that crop up during the marriage. If you are considering this alternative, keeping these tips for creating a postnuptial agreement when a marriage is at risk in mind will help you throughout the process.
In the average prenuptial agreement, both parties are focused on assets, but a postnuptial agreement presents the couple with a unique opportunity to discuss how to handle marital debt. Through the course of the average marriage, a couple acquires marital debt while entangling their credit. During your agreement negotiations, discuss exactly how you both want to handle debt. Determine how the debt should be repaid and who is responsible for what. Prioritizing how debt should be repaid can help alleviate pressure in your marriage that is being caused by concerns over joint or individual debt.
Handling a Joint Business
Many couples either go into business together or invest in the business started by one spouse or a relative. When the marriage ends, spouses will need to figure out how they want to move forward with their business relationship. Consider including terms for what role each spouse will have in their business ventures after a divorce or if their business relationship will end with the marriage. If the couple does not plan to work together or with their in-laws, plans should be made regarding repaying investments and formally ending the business so that neither party has any personal or professional ties after the divorce if one should occur.
Adding Lifestyle Clauses
Occasionally a marriage ends up at risk with both parties considering a postnuptial agreement because of infidelity or other morally questionable behavior. A couple that is trying to move forward after one party has cheated may decide to include a “lifestyle clause” in their agreement that assigns some type of penalty or rules for treating infidelity going forward. The penalty for being unfaithful again in the future can be financial compensation, a significant item of value, agreement to attend counseling, or even deferring vacation choices. These clauses are still unusual but are growing in popularity and something that couples are considering when trying to salvage their marriage.
Determining whether or not a postnuptial agreement is a viable option in your situation is something that should be done with the assistance of an attorney with experience assisting with divorces, division of property, and prenuptial agreements. The team at Vayman & Teitelbaum understands that your needs and concerns are unique and require legal advice that is tailored to meet your individual needs. Our attorneys work with you to determine what course of action is best based on your circumstances. Contact one of our Atlanta, Georgia locations today to schedule an initial consultation so that we can begin providing you with the legal representation you need.