Marriage is a union that is meant to bind two people together for life. For many couples who get married, the possibility that their relationship may end in the future is far from their mind. However, life can be unpredictable, and a variety of unforeseen events can occur that could potentially lead to divorce. Some couples may choose to prepare for this eventuality by creating a prenuptial agreement before they get married. Those who are already married can also create a legal agreement that will address how certain issues will be handled if they do decide to divorce in the future. These agreements are known as postnuptial agreements.
When Can a Postnuptial Agreement Be a Good Idea?
Postnuptial agreements are generally designed to help couples address financial concerns, and they can provide an added layer of protection in the event of a divorce. These agreements may include terms addressing ownership rights to certain assets, and a couple may make decisions about how different types of marital property will be divided in the event of divorce. A postnup may also address spousal maintenance (alimony) and determine whether one spouse will or will not pay support to the other and the amount that will be paid.
Spouses may want to consider creating a postnuptial agreement in the following situations:
Changes in financial status – If one spouse inherits valuable property, a postnuptial agreement can be used to address ownership rights toward these assets and protect them in the event of divorce. A couple may also use a postnup because one spouse begins earning a higher income or because one spouse chooses to be a stay-at-home parent. This can ensure that both spouses will have the necessary financial resources if they decide to get a divorce in the future.
Starting a business – If one or both partners wish to start a business, a postnuptial agreement can help clarify each spouse’s roles and responsibilities in that business, and it can also determine how ownership of the business will be handled in the event of a divorce. This can protect a business and ensure that it will be able to continue operating even if the couple’s marriage ends.
Protecting children from a previous marriage – Blended families often face unique challenges. A postnuptial agreement can help protect the financial interests of a spouse’s children by stating that certain assets will be set aside and given to children instead of being divided between the spouses during a divorce.
Marriage struggles – Sometimes, couples may encounter relationship issues, but they may wish to attempt to repair their marriage rather than proceeding with a divorce. However, one or both spouses may be worried that they could be taken advantage of during this process or encounter difficulties if their attempts to reconcile fail. With a postnup, a couple can make divorce-related decisions ahead of time, ensuring that they fully understand the consequences that will affect them if they no longer wish to remain married. This can also help avoid conflict during a divorce while minimizing stress about how each spouse will be able to provide for their needs.
Contact Our Rockland County Postnup Lawyer
A postnuptial agreement can prove beneficial in a variety of situations, but it is important for spouses to understand how the decisions they make ahead of time may affect them during the divorce process. At Law Offices of Robert S. Lewis, P.C., our Hudson Valley postnuptial agreement attorney can provide guidance for those who wish to address these issues, and we can help negotiate agreements that will meet the needs of both parties. Contact us at 845-358-7100 to set up a free consultation.