How Does a Postnuptial Agreement Work?
Posted December 14th, 2022.
If you and your spouse did not establish a prenuptial agreement before your marriage, it is not too late to establish a similar document. That is, a postnuptial agreement is still possible. Read on to discover how a postnuptial agreement works and how our seasoned family lawyer Mark S. Guralnick can help you in determining if this is in your best interest.
What is the purpose of a postnuptial agreement?
First of all, a prenuptial agreement is a contract that you and your spouse may have signed before your marriage. Particularly, it covers what should happen to your assets and your other financials in the unfortunate event of a divorce. This type of contract is known to be emotionally charged, as it is commonly used as a condition of marriage.
On the other hand, a postnuptial agreement is a contract that you and your spouse may sign after you have already married. And so, this is less emotional, and more of a mature approach toward handling your finances in the best way possible. And contrary to popular belief, a postnuptial agreement need not be established solely if you and your spouse foresee a divorce down the road. In fact, this may just make your healthy relationship even healthier, at least when it comes to your finances.
What is included in a postnuptial agreement?
As already mentioned, a postnuptial agreement is used to clarify financial matters, such as asset division, spousal support, inheritances, real estate, etc. More specifically, you and your spouse may be able to include the following in this contract:
- You and your spouse may include terms and conditions that allow you and your spouse to separate yourselves financially, even when you remain married.
- You and your spouse may include terms and conditions that supersede that of your prenuptial agreement.
- You and your spouse may include terms and conditions that supersede certain state laws surrounding estate planning.
- You and your spouse may include terms and conditions that correlate with recent financial changes (i.e., one spouse receives a significantly higher salary or a significant inheritance).
- You and your spouse may include terms and conditions that correlate with future financial changes (i.e., one spouse foresees significant profits from their business).
- You and your spouse may include terms and conditions in the event that you require a divorce.
With all things considered, it is important for you and your spouse to have more faith in each other when it comes to your finances. And a postnuptial agreement may just be the thing to foster this. So for assistance with drafting and executing this contract, you must retain the services of a competent family law lawyer from The Law Offices of Mark S. Guralnick. We look forward to working with you and your spouse.