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What is a Postnuptial agreement? What happens in a postnuptial agreement discussion. What does the postnuptial agreement content cover? The most common type of agreement regarding spousal property and division of marital assets should a couple divorce occur is a prenuptial agreement though postnuptial agreements are starting to becoming more and more well known. Some couples who didn’t make a prenuptial agreement because they felt it was inappropriate to talk about finances and what should happen in case of divorce realize after the wedding that it’s only a matter of protecting themselves in case the worst should happen. Once a marriage is established, it’s sometimes easier to talk about these practical matters, so a postnuptial agreement is created.
Prenuptial And Postnuptial
Without a prenuptial agreement, the division of property in a divorce would be left up to the court. Many couples realize this and opt to create an agreement after marriage to make sure the assets are split in a certain way. And often after two people marry their financial situations change through things like inheritances or income increases. This is a good time to consider a postnuptial agreement to protect those extra assets.
A postnuptial agreement is just as valid as a prenuptial agreement and is recognized by most states. It often benefits from the fact that you better know your spouse, and can more easily and openly discuss these things. The postnuptial agreement is more likely to be intensely examined should it be challenged.
Postnuptial Agreement Discussion
When discussing a postnuptial agreement, it’s imperative that you operate under full disclosure. You should discuss all of the assets and expenses within your marriage, and you should list all of your personal property before the marriage and what you’ve accumulated since then. It’s crucial that your spouse fully discloses everything, as well.
When you come up with the agreement, it should be in the presence of legal counsel. Each of you needs your own lawyer. While some couples might have one lawyer servings as a sort of mediator, you really each need your own. Your lawyer will only be concerned with protecting your rights in this postnuptial agreement. A lawyer that has to work for each, particularly if the lawyer is a mutual friend, will have a difficult time fully representing each person’s rights.
Postnuptial Agreement Content
With your lawyer, be sure that everything is accounted for in your postnuptial agreement. It should outline how all the debts would be paid after a divorce and what happens to all the property you’ve achieved since you were married. There should be no doubt about who gets the home in the event of a divorce, as well as who gets things like inheritances, trusts or gifts that are joint property. You should also clarify within the postnuptial agreement how much alimony would be rewarded in the event of a divorce, and how things like health insurance and life insurance would continue to be paid.
Something else to include in a postnuptial agreement is a provision for who’s responsible for certain things should disability benefits or long-term care become necessary.