A postnuptial agreement is a legal document that is becoming far more popular today than it has been in the past. It is quite similar to a prenuptial agreement, except that you and your spouse would enter into the agreement after you are already married. Having one of these agreements in place can provide you with a variety of important benefits. Read through this blog post to learn more about this important legal document and to see if it is a good option for you.
What a Postnuptial Agreement Will Do
A postnuptial agreement is where you and your spouse identify the rights and responsibilities of each party during the marriage. It will also list how any money, property, and other assets will be divided in the event of a divorce or upon your death. To accomplish this, it is necessary for each party to disclose all of their assets including both marital property and separate property.
When is a Postnuptial Agreement a Good Idea?
There are many times when a postnuptial agreement can be beneficial. The following are among the most common reasons for getting this type of legal document.
- One Party Becomes a Stay-at-Home Parent – If a couple decides that one of them should be a stay-at-home parent, a postnuptial agreement can be a great idea. It will help ensure the person who exits the workforce has guaranteed some level of protection should the marriage end.
- After an Affair – If you decide to try to save a marriage after an affair, a postnuptial agreement can identify what happens if another affair occurs, or if the marriage ends for any other reason.
- Significant Change to Income – When one (or both) spouses have a significant change in income, a postnuptial agreement can outline who will get what in the event of a divorce.
- Someone Gets or Expects a Large Inheritance – If one of the spouses receives, or is expecting to receive, a large inheritance, a postnuptial agreement can help ensure they are able to keep the money should the other spouse divorce them.
- Starting a Business – If one spouse is starting a business, a postnuptial agreement will help identify what happens to their ownership of the business should they get divorced or if they pass away.
Are Postnuptial Agreements Valid?
There is a lot of misinformation online about postnuptial agreements, and especially about whether or not they will stand up in court. The reality is, as long as the agreement was entered into with a full and fair disclosure to both parties and that it provides protections for each, the courts will almost certainly uphold it. It is important, however, to ensure the agreement is properly written and all necessary precautions are taken to ensure its validity. With this in mind, you want to have an attorney with experience in postnuptial agreements working on your case. Please contact Farber Law to begin this process today.
About the Author: Helena Y. Farber is an attorney in Aventura, Florida, whose practice is concentrated in the areas of divorce and family law. She can be reached at (305) 520-9205 or via email at hyf@farberlawpa.com.
Disclaimer: The attorney makes this Blog available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By using this blog site you understand that there is no attorney-client relationship between you and the Blog. The Blog should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.