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What is a Postnuptial Agreement?
Similar to a prenuptial agreement, a postnuptial agreement can help married couples map out how their marital property will be divided if they decide to divorce. While postnup agreements are typically sought out by couples who have substantial assets, they can also be necessary to those who wish to protect a family business or clarify financial responsibilities during the marriage. If you and your spouse are considering a postnuptial agreement, here’s what you need to know.
Why Should My Spouse and I Consider a Postnuptial Agreement?
The following are some common reasons why married couples opt for a postnuptial agreement:
Wealth Protection
Suppose one or both of you have entered into the marriage with substantial assets or expect to inherit a significant amount of assets in the future. In that case, a postnup agreement can help ensure that each spouse can leave the marriage with their respective holdings in the event of the divorce.
Inheritance to Children From Other Marriages
If you have children from a previous marriage, a postnuptial agreement can map out the assets your spouse and children will receive in the event of your death.
You Didn’t Want a Prenup But Changed Your Mind
A postnuptial agreement can address any issues that you didn’t discuss before you got married. While you and your spouse may not have thought it was necessary to have a prenuptial agreement before you were married, situations can change over time. The good news is that a postnuptial agreement can address any concerns you have as a married couple and have an agreement in place in the event of a divorce.
You or Your Spouse Owns a Business
Protecting your income and assets you earned during your marriage can be done through a postnuptial agreement. Without a postnuptial agreement in place, an ex-spouse may be eligible to collect a portion of your business income or a percentage of the business’s worth.
You Received a Large Inheritance
If you’ve recently received a large inheritance or unexpected sizable gift from a family member, you may wish to have it remain with you in the event of a divorce. Adding this to your postnuptial agreement means that it will be yours only if you and your spouse decide to dissolve your marriage in the future.
Want to Learn More About Postnuptial Agreements? We Can Help.
There are many benefits for married couples to have a postnuptial agreement in place. Whether you want to protect your inheritance or determine how assets will be distributed to children from another marriage, a postnuptial agreement can address many different situations.
If you and your spouse want to learn more about the postnuptial agreement process, we are here to answer your questions and ease your concerns so you can make an informed decision. Our experienced family law attorneys are ready to get you started.
Contact Owenby Law, P.A. today at (904) 770-3141 to schedule a free initial consultation with our team.