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A Postnuptial Agreement is a two-way contract made by a married couple that is intended to protect both spouses by outlining each person's existing assets and debts, defining how finances will be... Read more
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Making a Postnuptial Agreement
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What is a Postnuptial Agreement?
A Postnuptial Agreement is a two-way contract made by a married couple that is intended to protect both spouses by outlining each person's existing assets and debts, defining how finances will be managed during the marriage, and planning what will happen if the partners choose to part ways, either voluntarily or by death. Postnups are not just for the wealthy, they are suitable for any married couple who wants to have more control over their finances.
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Why should I make a Postnuptial Agreement?
There are many reasons why a married couple might decide to make a Postnup. Here are a few examples:
- One or both spouses have children from a previous marriage
- One spouse owns a business with other people
- One spouse is giving up their career in support of the family
- One or both spouses wish to protect assets acquired before marriage
- One or both spouses wish to protect family-owned or inherited properties
- One spouse has taken on a lot of debt during the marriage
- One spouse accumulated a lot of debt before the marriage
- One spouse has a much higher net worth or earning potential
- Both spouses wish to avoid default divorce laws
- Both spouses wish to make agreements while they are on good terms
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Who needs a Postnup?
Any lawyer, accountant, or survivor of a challenging divorce might say that every married couple can benefit from having a Postnuptial Agreement in place. In reality, the decision to make a Postnup is up to you and your spouse. An uneven agreement could have detrimental long-term consequences, so it is a good idea to ask a lawyer to review your agreement before you sign.
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