A postnuptial agreement is a legal contract between spouses that is signed after they are married. It is similar to a prenuptial agreement in that it sets out how the couple’s assets and debts will be divided in the event of divorce or death. However, the main difference is that a postnuptial agreement is signed after the couple is already married.
Here are some of the common reasons why a couple might consider a postnuptial agreement:
- Change in financial circumstances: A postnuptial agreement can be used to address changes in a couple’s financial circumstances that have occurred since they were married. For example, if one spouse inherits a large sum of money, the postnuptial agreement can specify how that money will be divided if the marriage ends in divorce.
- New business ventures: If one spouse starts a new business after the marriage, a postnuptial agreement can be used to address how that business will be treated in the event of a divorce.
- Change in marital relationship: A postnuptial agreement can be used to address changes in the couple’s relationship, such as infidelity or the birth of a child from a previous relationship.
- Estate planning: A postnuptial agreement can also be used to address estate planning issues, such as how property will be distributed upon the death of one or both spouses.
- Asset protection: A postnuptial agreement can also be used to protect assets from creditors or other legal claims.
It is important to note that postnuptial agreements can be complex, and the laws governing them can vary from state to state. It is recommended to consult with an attorney who has experience in family law to help draft a postnuptial agreement that is fair, enforceable, and tailored to the specific needs of the couple.