Posted on in Divorce
Postnuptial agreements, or postnups, are a legal arrangement between two spouses created after marriage. While prenuptial agreements are more well-known and spoken about, postnuptial agreements are equally important and can have many benefits. Generally, a postnup includes how the couple’s assets and debts will be divided if they decide to divorce or separate. They differ from prenuptial agreements, created before marriage; postnuptial agreements are made once a couple has already married. As you decide whether a postnuptial agreement is suitable for you, contact a family lawyer to learn more about the process and see whether it is something you would like to pursue.
Advantages of a Postnuptial Agreement
The following are the advantages of signing a postnuptial agreement, including:
Protection of assets – A postnuptial agreement can protect both spouses’ assets in the event of a divorce or separation. This type of agreement can outline how property, investments, and other assets will be divided and address any debts incurred during the marriage.
Financial clarity – A postnuptial agreement can provide financial transparency to both spouses. The agreement can outline each spouse’s financial responsibilities, such as paying the bills or managing investments. This can help avoid misunderstandings or disagreements about finances during the marriage.
Avoidance of costly litigation – A postnuptial agreement can help avoid expensive litigation in the event of a divorce or separation. The couple can avoid a lengthy and costly court battle by clearly outlining how assets will be divided.
Flexibility – A postnuptial agreement can be tailored to each couple’s specific needs. For example, it can address unique issues such as spousal support arrangements. In addition, this type of agreement can be amended as circumstances change, providing flexibility to both spouses.
Peace of mind – Finally, a postnuptial agreement can provide peace of mind for both spouses. By addressing potential issues that could arise down the line in the event of a divorce or separation, both spouses can feel more secure in their marriage.
Contact a Collin County Family Law Attorney
It is essential to consult with an experienced attorney when creating a postnuptial agreement to ensure that the agreement is legally binding and addresses all important issues. If you are considering a postnuptial agreement, you must speak with an attorney who can help you navigate the process and protect your interests. Contact an experienced Plano family lawyer with Law Office of Brian Bagley for more information. Call (972) 843-7158 for a free consultation.
Source - https://money.usnews.com/money/personal-finance/family-finance/articles/what-is-a-postnuptial-agreement