On behalf of Stange Law Firm, PC posted in Family Law on Tuesday, January 14, 2020.
Postnuptial agreements are similar to prenuptial agreements in that they can specify how assets are to be divided in a divorce. They can also provide clarity as to what a couple will do with their money both now and after they retire. However, as the name implies, a postnuptial agreement is one that is created after a couple gets married. In some cases, this is because there wasn’t enough time to finalize a formal arrangement before a wedding took place.
Couples may also opt for a postnuptial agreement because they are trying to implement a new financial management system months or years into their marriages. If a married couple starts a business together, it can be a good idea to have a formal agreement as to what happens to the company if the relationship ends. Having an agreement in place can be even more important if the organization is going to be passed down to a son or daughter at some point.
Ideally, each party to the agreement will have the deal reviewed by an attorney before it becomes official. It is also generally a good idea to have the deal analyzed by a financial planner and estate planning professional. By taking the time to create a postnuptial agreement today, it can make life easier in the event that a divorce takes place tomorrow.
Those who are going through a divorce may benefit from having the assistance of an attorney during their cases. It may be possible for an attorney to review a prenuptial agreement or any other type of agreement made while the marriage was intact. If an agreement isn’t valid, legal counsel may negotiate a favorable property division settlement. It might also be possible to help a person obtain alimony or other financial assistance.