NATIONALLY RECOGNIZED FEDERAL LAWYERS
Last Updated on: 8th August 2023, 11:53 pm
There are any number of situations and circumstances that may call for couples to enter into a postnuptial contract or agreement. Very similar to a prenuptial agreement and sometimes referred to as an “after-marriage contract,” a postnuptial serves to protect both parties by ensuring division of finances and assets can be handled more smoothly should the need arise. In addition to issues like infidelity or divorce, there are a number of other situations where a postnuptial contract may be of benefit.
Spouses who choose to remain at home in order to make child rearing their top priority and to better manage the household are often totally dependent on the income of their significant other. Trying to calculate the monetary value of such efforts can often be quite difficult, especially after years or even decades. Having a postnuptial can ensure that, in the event of a divorce or separation, financial restitution as well as the partition and division of all assets and funds can be managed without the added expense and emotional exhaustion of a protracted legal battle.
Conflict Over Financial Assets
Sharing financial assets with a spouse can often be a more difficult endeavor than many individuals might expect and a divorce is not the only situation which may trigger conflict over finances. Income discrepancies which may develop over time, poor investments and even impulsive purchases can all create many problems. A concise and legally-binding legal contract can help to minimize the potential for fights, arguments and other forms of conflict which may occur at some point in the future. Fighting about money can be absolutely toxic to a marriage and many couples stand to benefit by signing a postnuptial agreement.
Issues Stemming From Business Ownership
Business partnerships and ownership is another issue that married couples would do well to consider. Fighting for ownership of a venture that was founded after the marriage is not uncommon during a divorce proceedings. Legal battles involving the future of a business can be very damaging to even larger and well-established organizations. Having a post-nuptial contract in place can provide peace of mind to both spouses, other business partners as well as any employees or associates who may have a vested interest in the future of an enterprise.
Inheritance, Lotto Winnings and Other Financial Windfalls
Many couples mistakenly assume that possessing only limited financial assets leaves them with little reason to sign a prenuptial contract. Unexpected windfalls like winning the lotto or receiving a large inheritance can quickly change the financial dynamic of a marriage. Seeking out legal assistance in order to create the right after-marriage contract can often be a prudent course of action, especially for couples who may find themselves dealing with a sudden influx of money. A legally-binding contract is often the only way to avoid a messy battle over funds and assets in the event that a couple decides to separate or divorce at some point in the future.
Minimizing Stress and Anxiety During a Separation
Dealing with a divorce can be a difficult and exhausting ordeal, but having a postnuptial contract can often go a long way towards minimizing much of the stress and anxiety involved. Uncertainty regarding the future is very common during a separation, but knowing that financial concerns are less likely to become an issue can provide a great deal of comfort. Speaking with an attorney regarding the various options available and how to go about creating a contract can be an important step. Even couples who feel they have limited finances or little reason to oppose each other in the event of a divorce would do well to investigate their options.
Seeking the Best Representation
Seeking out and retaining independent counsel for each spouse is often essential for ensuring that a prenuptial or postnuptial contract is able to be as effective as possible. Not all firms may be equipped to provide the quality of service and representation that may be required to create a contract or reach an agreement. Scheduling an initial consultation with a qualified legal expert, one who possesses a superior background and the right expertise, can provide prospective clients with the insight and information they need in order to make more informed and effective decisions.
Manhattan postnup agreement lawyers
Unlike a prenuptial agreement that is a contract between two people before marrying, a postnuptial agreement is a contract between married people. A postnup has many benefits. One of the most advantageous is that if one spouse dies or the couple divorces, what happens to their property, assets, and debts has already been decided. Many times both types of agreements are signed to cover assets owned before the marriage and ones accrued after the marriage.
Do You Need a Postnup?
Planning ahead is always a good idea. No one knows what the future may hold, and having a say in how your assets and belongings will be divided is preferable. Your present marriage may be number three or four. If you and your spouse have children from a previous marriage, both of you will want to provide for your children. A postnup can outline exactly what assets go to each child.
A postnup can be invaluable in the event that one spouse dies. It can specify how the assets and property will be divided. Of course, it is advisable to have a will, but a postnup can help to reinforce your wishes concerning the division of assets and property. Again, this is especially helpful if the marriage is not the first for you or your spouse.
What are some of the other ways having a postnup can help? In the event that you and your spouse decide to divorce, you can agree ahead of time on who is responsible for the legal fees. Many people stipulate that each spouse will pay their lawyers unless the divorce is due to marital misconduct. This can include infidelity, domestic violence, and addiction to drugs or alcohol among other behaviors.
If a couple separates or divorces, who will keep the home they shared while they were married can be stipulated in the postnup. If there are other properties, the agreement can also specify which spouse will get ownership of each one. Even retirement accounts and insurance coverage can be included in these agreements.
Although the possibility of any of these things happening is generally the farthest thing from their minds when a couple marries, it is impossible to know what might occur a few years down the road. Being prepared is a wise decision.
What is Included in a Postnuptial Agreement?
A postnuptial agreement is a contract; therefore, it will contain many legal terms and must include all assets. What must be included in a postnup?
1. Assets (individual and combined)
2. Debts (individual and combines, including payment plans)
3. How property will be split if the couple divorces
4. Spousal and child support
5. Full particulars of wills
6. A list of individual and joint belongings of both
7. How future income will be split
An attorney experienced in preparing these contracts should be consulted to ensure that everything is covered. If everything is not included in the postnup, this can void the contract. A legal marital agreement will reduce complications and allow couples to decide how their belongings will be divided rather than the court dictating who gets what. The contract can be amended at any time during the marriage. For example, one spouse may inherit a significant amount of money or property and want to include what will happen to their inheritance in the event of a divorce or their death in the agreement.
In addition to what the postnuptial agreement must contain to be legal, there are stipulations covering how the contract is drafted and signed. The postnup should be drawn up by a lawyer who can state that both parties were of sound mind. It is actually preferable for both parties to have their own lawyer. The contract must be in writing, cannot be unreasonable, and must be with full disclosure. Both spouses must sign the contract voluntarily. It cannot be an oral agreement.
Some couples may shy away from signing a postnup because they think it means that they do not trust each other. The truth is a marital agreement can help to ensure that everything is taken care no matter what happens in the future. Choose an experienced Manhattan postnup agreement lawyer for help when you and your spouse decide this is the right choice for you.