Enter Into a Postnuptial Agreement?

While many people have heard of prenuptial or premarital agreements, fewer are familiar with postnuptial or post-marital agreements. A postnuptial agreement is essentially the same thing as a prenuptial agreement except that it is entered into after a couple is married. There may be many different reasons for a postnuptial agreement. It might be because a couple is seeking to prepare themselves for the possibility that they will divorce at some stage in the future. This is a very real possibility considering that it is the fate of around fifty percent of marriages in the United States. It might also be because a spouse has exhibited behavior with which his or her partner is unsatisfied.

What is a Postnuptial Agreement?

A postnuptial agreement is an agreement between a husband and wife on how critical areas of a divorce will be handled should it eventuate. Creating a postnuptial agreement does not mean that a spouse believes that marriage is doomed. It simply means that they would like to be prepared for any eventuality. People take out life insurance to protect their family from the effects of a premature death. In the same way a postnuptial agreement is like an insurance policy on your marriage. Unfortunately, divorces do occur and having a postnuptial agreement provides protection from the worst-case scenario.

Differences in Financial Earning

A marriage is a partnership and while there may be a disparity between the earning potential of different spouses, both spouses contribute to the marriage and therefore tend to have equal claim to assets that are accrued during the marriage. "Postnuptial agreements" tend not to be about protecting these assets so much as they are about protecting assets that were accrued prior to the marriage. If there was a vast difference in the resources of spouses entering into the marriage, it would seem unfair that both spouses have equal claim to all assets. A postnuptial agreement can be used to shield such assets from a future divorce settlement.

Family Businesses in Postnuptial Agreements

Not surprisingly, a common area covered by many prenuptial and postnuptial agreements alike is that of family businesses. Family business may have been built and run over generations. If one member of a family were to lose a piece of the business in a divorce settlement, it would be unfair to other family members. It may not only be in the interests of the spouse but of his or her other family members that the business is exempted from any divorce settlements in the future.

Protect Inheritance with Postnuptial Agreements

A large number of people seek a postnuptial agreement to protect an inheritance. If one partner inherits a large sum of money, it is not always the case that the other partner should have access to it. A postnuptial agreement can ensure that the full amount of an inheritance stays with the person for whom it was intended. This can give valuable peace of mind to people from high net worth families.

Acceptable Behavior Rules

A postnuptial agreement can be used to establish ground rules following behavior that is unacceptable to one partner or the other. If one spouse has been involved in an extramarital affair, it can be very difficult to rebuild trust. In some situations, a postnuptial agreement is used to establish guidelines as to how the divorce will be carried out should the affair continue or another one start at some time in the future. The postnuptial agreement might grant a settlement that is larger than usual to the aggrieved spouse.

Extramarital Affairs, Substance Abuse, Spousal Abuse, and Prenuptial Agreements

Postnuptial agreements can also cover courses of action for other outcomes. Clauses can be included for many different types of behavior. While it is often the case that clauses are included for extramarital affairs, they may also be included for such areas as substance abuse, spousal abuse and even business practices of which one spouse disapproves. There is a virtually limitless range for what can be included in the contract. The one thing that you must remember is that in the event of divorce, it must be possible to prove that one spouse was involved in activities that were in breach of the contract. This can be difficult in some situations. Your family lawyer will be able to give some indications as to what he or she believes that you will be able to prove and what you will not.

A postnuptial agreement is made with the agreement of both spouses. It is quite rare therefore to see a postnuptial agreement that is completely one sided. It would be advisable for each partner to seek legal advice before entering into a postnuptial agreement. One can never be too careful in legal matters. Making an informed decision regarding a postnuptial agreement is extremely important in a legal sense as well.

Family Law Attorneys Handle Postnuptial Agreements

If you believe that a postnuptial agreement is in the best interests of you and your spouse then you will need to discuss the matter with them. If he or she agrees to enter into a postnuptial agreement then you can speak to a family law attorney and begin the process of drafting the contract. It will take some time and you will have to pay legal fees but in the event that you divorce at some time in the future, it has the potential to pay for itself many times over. Postnuptial agreements can dramatically simplify divorce proceedings and thus save many more billable hours than they cost to create.

Please call us today at 281.210.0010 or complete our contact form and let us assist you with your legal need.

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