If you and your spouse have decided to divorce, you will be resolving some related issues including how marital assets should be divided. This is the reason prenuptial agreements are often used for setting some parameters for the way assets and property are distributed when a couple decides to part ways. But, a couple ties the knot without this agreement, they can also consider having a postnuptial agreement. If you are in the middle of a divorce, you should understand how a postnuptial agreement can protect your assets.
How Does a Postnuptial Agreement Work?
As with a prenuptial agreement, a postnuptial agreement is a legally binding contract that you and your spouse may sign once you are married. It can dictate how the assets of both spouses are divided when they decide to divorce. This written document should be executed by both parties voluntarily and disclose every spouse’s assets, income, and liabilities to be valid. Also, it should be fair to each spouse. An attorney from the law Office of Amanda J. Cook can review a postnuptial agreement to make sure it covers all important elements and that it’s fair.
When You Should Consider Having a Postnuptial Agreement
While this form of marital agreement is not necessary for all couples, some situations necessitate it. These include the following:
- There are significant assets involved. Spouses who have significant premarital assets when they enter the marriage or those who will inherit significant assets in the future should consider a postnuptial agreement. This agreement will make sure that if the couple decides to divorce, every spouse leaves the marriage with their chosen holdings.
- A spouse has a child from a previous relationship. In this situation, a postnuptial can help in making sure the child from a previous relationship will get the assets and inheritance the parent wishes to give them. If the couple does not have a postnuptial agreement, the current spouse usually gets a share of their estate’s spouse during divorce or death.
- The couple has no prenuptial agreement. A postnuptial agreement is an option for couples who decide to keep what they own before the marriage once they have tied the knot.
If you are marrying someone, you must account for all the assets and finances you will bring into your union. An experienced family lawyer can give you peace of mind as you know that someone is taking care of your assets. A great attorney will help in planning for your future by creating a prenuptial or postnuptial agreement.