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Do I need a postnuptial agreement?

| Mar 20, 2020 | Firm News |

Getting married can be an exciting experience, no matter if it’s your first time down the aisle or your second. Marriage can offer comfort, happiness and stability in the lives of many couples but can still dissolve into a painful breakup later down the road.

If you’re considering divorce and you don’t already have a prenuptial agreement, you might wonder if you’re out of luck. That’s not the case. In fact, you can work out important details of your marriage with a postnuptial agreement.

What is a postnuptial agreement?

A postnuptial agreement, or a postnup, is a contract created after a marriage that details the financial assets of each spouse for a potential future divorce. Postnups are like prenuptial agreements, but there are important distinctions between them. For instance, since you sign a postnup after marriage, most of your assets may already have become marital assets, meaning they are eligible for division between both you and your spouse.

So, what you may put into a prenup to stay your property solely, may now be an asset your spouse can collect during the divorce. Your postnup will have to outline how to divide those marital assets properly.

What should I include in a postnup?

Postnuptial agreements should include detailed information for the following areas:

  • Division of property and assets – This should outline which items are yours and which are your spouse’s to ensure clarity during the divorce. You should document significant assets such as your home, retirement funds, stocks, or a business.
  • Spousal support – Determine the amount and period for any future alimony payments for both spouses, including when payments should be made.
  • Marital assets in case of death – It’s important to consider what will happen to marital assets if your spouse passes away. Your spouse may approve of you receiving a full share of the marital assets or may want to give their share to their child or a relative.

The more detailed and precise your postnuptial agreement is, the more efficient it will be during a divorce. If you’re considering a postnuptial agreement, you may want to consult with an attorney who can help you through drafting the best contract.

While postnuptial agreements are not a requirement for divorce, it can come in handy when you have large financial assets and want to properly divide them. Plus, a postnuptial agreement ensures a streamlined process that can reduce significant complications and offer a quicker divorce resolution.