Understanding everything you can about your financial situation and the finances of your spouse can be critical to the success of your marriage. Some couples have serious discussions about their finances prior to the marriage, and they enter into a prenuptial agreement that explains what will happen to their assets and debts in the event of a divorce or the death of one spouse. Other couples wait to have those discussions until after they are married. If you are already married, you can still enter into a binding contract with your spouse that addresses your finances.
A skilled McLean postnuptial agreements lawyer could help you determine if pursuing a marital agreement after your marriage could be in your best interests. Our marital agreements attorneys are here to guide you through the process.
Explaining Postnuptial Agreements
Like a prenuptial agreement, a postnuptial agreement is a type of marital agreement that a couple can enter into to express their wishes. Unlike a prenup, which a couple executes before their marriage, a couple enters into a postnuptial agreement after they get married.
Similar to a prenuptial agreement, a postnup addresses what will happen to a couple’s finances in the event of a divorce or death. A postnuptial agreement can delineate which property belongs separately to one spouse. If the couple gets divorced, each spouse will maintain a clear right to their separate property. Postnups also address which property is a joint, marital asset. If a couple later divorces and they have a postnup in place, that agreement allows a couple to determine how they wish to divide their combined marital assets and debts. A postnuptial agreement can also set forth a provision for spousal support, so that a higher-earning spouse can provide a specific amount of monetary support to a lower-earning spouse for a set period of time.
Courts are often more hesitant to recognize the validity of postnuptial agreements than prenuptial agreements. The agreement must be in writing, voluntary, and fair and both parties must provide full disclosure of their liabilities and assets. Consequently, an individual should work with a skilled McLean attorney with a proven track record of successfully helping people achieve their marital and financial goals through a clear and concise postnuptial agreement. A seasoned local attorney knows how to ensure an agreement meets the requirements of state laws.
Why Should a Couple Consider a Postnuptial Agreement?
Postnuptial agreements have become increasingly more common in recent years. Couples today enter into postnups rather than prenups for a wide range of reasons.
Embarrassment
Many issues that couples address in a postnuptial agreement could have been addressed prior to marriage in a prenuptial agreement. However, some people are reluctant to create trouble before they get married. They might also be embarrassed to disclose how wealthy they are or how much debt they have accrued.
Infidelity
If one spouse has been unfaithful, the couple might start thinking about what would happen if they divorce.
Illness
If one spouse develops a serious medical condition, the couple might worry about what would happen to their assets in the event of a premature death, particularly if one or both spouses have children from a prior relationship.
Inheritance
If one spouse receives a substantial inheritance, they might want to protect that inheritance.
Debts
If one spouse gambles or spends too much money, the other spouse might want to protect their rights and assets.
Regardless of the reason why an individual is considering entering into a postnup, a knowledgeable McLean attorney could offer skilled guidance.
Consult with a McLean Postnup Agreements Attorney
Having a strong marital agreement in place can protect your interests in the event of a divorce or the death of your spouse. Even if you neglected to enter into a prenuptial agreement, you still have time to safeguard your future by entering into a postnup.
Consult with a McLean postnuptial agreements lawyer from Capital Family & Divorce Law Group of Price Benowitz LLP.
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