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How can you tell whether you need a postnuptial agreement?

On Behalf of | Sep 16, 2021 | Protecting Your Assets

Married couples in New York share assets. As a result, if a couple ends up choosing to get a divorce, they would have to divide their assets and property in an equitable manner. While many couples don’t go into their marriage thinking about possibly splitting up in the future, others choose to get a prenuptial agreement. However, if this wasn’t something you considered before your marriage, there’s the option of a postnuptial agreement.

What is a postnuptial agreement?

A postnuptial agreement is a legal document between a married couple that details how the assets and property are divided if they get a divorce. It can also include information on what each party’s responsibilities are toward their children and other matters during the marriage. It’s a contract that is comparable to a prenup, which is created and agreed upon before a couple gets married.

Why should you get a postnuptial agreement?

For many people, getting a prenuptial agreement prior to getting married isn’t the best idea. Often, it can make people think that their soon-to-be-spouse doesn’t trust them, which can dampen the mood heading into the wedding. However, once the marriage has taken place, it might be a better time to discuss a postnuptial agreement.

Sometimes, a married couple will have a postnuptial agreement created if they are already considering a legal separation or even a divorce. It can benefit both parties and even be included in the divorce decree while mentioning issues such as spousal support and property division.

There are additional reasons to get a postnuptial agreement. They include the following:

  • To ensure children from previous relationships receive their share with an inheritance.
  • To protect one spouse from significant debt incurred by the other.
  • Ensuring that a spouse who has stopped working to care for minor children can receive a fair settlement if the marriage ends.
  • To describe each spouse’s wishes for the assets they brought into the marriage.

A postnuptial agreement might be appropriate for you in the event of a divorce. You can look into your options and decide if you truly need one.

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