Most couples have heard of a premarital agreement, which is typically entered into before a couple is married. However, post-nuptial agreements are becoming increasingly useful and are entered into after marriage. Both types of agreements protect the assets of both parties and can clarify the distribution of property in the event of divorce. Although the subject is a touchy one for many couples, “prenups” or “postnups” don’t have to be a dirty word in your relationship. In fact, a well-written post-nuptial agreement can serve as a necessary foundation for your marriage and ease any underlying fears of both parties. Read on to find out if a postnuptial agreement may be the right option for you.
You didn’t have time to get a prenuptial agreement before you got married
With the hustle and bustle of getting married, many couples simply run out of time to involve lawyers and have a valid prenuptial agreement drawn up. This is usually because pre-nuptials require that both parties be represented by separate lawyers, which can be an added expense when you’re also spending thousands of dollars on your wedding. In this case, a postnuptial agreement can be an appropriate alternative. Post-nuptial agreements allow both parties to hash out the same issues in a pre-nuptial agreement.
Reconciling with an estranged spouse
Post-nuptial agreements are also useful if you’ve reconciled with a spouse you were previously considering divorcing. Assuming you’re giving your relationship a second go around, but now recognize that things aren’t as stable as you had once hoped, a post-nuptial can be a good tool to negotiate certain terms while the two of you are on friendly terms. This is especially true if both of you recognize that divorce could be an option, but are simply giving the relationship a second try. A postnuptial agreement in these circumstances may be the added security the two of you need to focus on your relationship and stop worrying about a potentially messy divorce later.
Entered into a new solo business venture
If you’ve entered into a new business venture or come into a large sum of money, a postnuptial agreement may protect your assets in the event of a divorce down the road. A post-nuptial can be especially useful if you don’t want to split your business’ earnings with your spouse in the event of a divorce because those earnings would otherwise become “community property.” Community property means your spouse is entitled to half of your earnings, but a postnuptial agreement can help retain your assets if things turn sour down the road.
Divorce becomes an option
Post-nuptial agreements may also be used as a means of encouraging reconciliation between couples who have experienced a catastrophic event, such as infidelity or other serious breaches of trust. Under these circumstances, one party may attempt to encourage their partner to return by promising to relinquish more assets in the event of a divorce. Such a gesture may prove to the other partner that you are serious and willing to bet it all on the success of the marriage.
If you are ready to protect your assets through a valid and well-drafted post-nuptial agreement, contact the professionals at the Law Offices of Kayleene H. Writer. We are available to work for you and ensure you receive the best deal possible in your post-nuptial agreement.