What Is A PostNuptial Agreement?
A postnuptial agreement is very similar to a prenuptial agreement. It is a way for couples who are already married to plan for how their assets and property will be divided ahead of time should they decide to file for divorce. While postnuptial agreements are usually sought out by those who have substantial assets, they can also be used as a way to protect business interests or simply as a way to clarify financial responsibilities of each spouse during a marriage. If you and your spouse are thinking about a postnuptial agreement, there are several reasons you may want to move forward with it.
Should Get An Agreement In Place?
Postnuptial agreements are more common than you may think. While many might think it is a way to break up a marriage. They can actually help to enhance and protect it. Here are several reasons why.
They Protect Wealth
If you have entered into a marriage with significant assets or plan to inherit a significant amount of assets in the future, a postnuptial agreement may be an agreement that ensures that each spouse leaves the marriage with their respective possessions in tact. For example, Courtney Cox and David Arquette reportedly filed a postnuptial agreement after their marriage to protect their respective fortunes. However, you don’t have to be a celebrity to have one in place.
You Received An Inheritance That Is Large
If you have recently obtained a sizable gift from a family member or acquired a large inheritance, you may want those assets to remain with you should you end up getting a divorce. You can add this to an agreement and those assets will remain yours should you and your spouse choose to dissolve the marriage in the future.
You Or Your Spouse Owns A Business
If you or your spouse has a business and earned a significant income during the marriage, a postnuptial agreement can help protect the business in the event of a divorce. Without a postnuptial agreement in place, your spouse may be entitled to a portion of the business income or even be entitled to a share of the business itself.
Protecting Inheritance To The Children From Other Marriages
If you have children from another marriage, a protective agreement after you’ve been married can help designate how assets will be divided in the event of your death and despite any divorce decree.
Changed Your Mind About A Prenuptial Agreement
Sometimes important financial matters arise after a couple is married that could have been handled by a prenuptial agreement. While your spouse and you may not have thought a prenuptial agreement was necessary at the time before your were married, situations can change over time. A postnuptial agreement can address any concerns you have as a married couple. An agreement in place can help protect those concerns should you choose to get a divorce.
If You Think You May Need A Postnuptial Agreement, We Can Help You.
While one may think having a conversation around a postnuptial agreement is difficult to have. Having an agreement in place actually protects both spouses in a marriage. Whether you want to protect a business you have built or money that is designated for children from another marriage, a postnuptial agreement may be able to provide an ideal solution for protecting those assets, as well as many other different situations.
If you and your spouse want to learn more about the process involved with getting a postnuptial agreement in place, please call the Law Office of William B. Bennett, P.A. today at (727) 821-8000 or contact us on our website here. Our qualified family law team is ready to serve you and get you started.