Do You Need a Postnuptial Agreement?
Posted on October 27th, 2020 in Family Law
After The Real Housewives of Potomac, star Ashley Darby told her husband she wanted a postnuptial agreement following cheating allegations, some couples have begun wondering if postnuptial agreements are just for those struggling with their marriage, or are there other benefits to the agreement. At Kalinoski Law Offices, we work with everyday people–not celebrities–and we know that there are benefits to creating these documents even after you say “I Do.”
Who Should Utilize a Postnuptial Agreement?
While a postnuptial agreement can be utilized by anyone, the reality is that these types of documents are most common within high asset marriages, such as a couple marrying later in life and each has accumulated their own assets or holds real estate, businesses, etc.
This is important because it allows you and your spouse to decide how certain decisions will be made should divorce occur–granted, you hope it does not. By making these choices before emotions come into play, you’ll be better prepared to address the liabilities and assets you’ve both accumulated.
Other benefits include:
- Each spouse’s interest in the value and liabilities of the business (if any)
- How assets will be appraised in the event of divorce
- How the standard of living will be determined
- How much spousal support will be granted
- Determining custody and support payments
- Retirement benefits
- Excluding some assets from distribution
Remember, what makes a postnuptial agreement different from a prenuptial agreement is that an issue has arisen in the marriage that each party has agreed to address. Because one party may be compelled to just sign a prenuptial agreement to get married, the pressure is off in the postnuptial agreement because the marriage already exists.
Myths About Postnuptial Agreements
Because of our celebrity example, you may think infidelity and uncertainty in the marriage are why a postnuptial agreement is needed. In reality, it may work to save your marriage and in turn, make the relationship stronger because those financial obligations and concerns have been handled instead of being left unresolved, thus adding stressors to the marriage.
Some may think that issues have to arise for the postnuptial agreement to be written, such as experiencing a major life event. Be it buying a home, starting a business, having children, etc., these are all financial and emotional decisions that can later impact the marriage.
The bottom line is this: if you have significant assets that could later impact your marriage or divorce, don’t let them. Work with your partner to create a plan and set yourselves up for a long future with one another not hindered by unanswered questions.
Postnuptial Agreements: Scranton Family Law Attorney
If you need assistance creating a prenuptial or postnuptial agreement, contact the Scranton family law attorney, Craig Kalinoski. He will review your situation during a free consultation and recommend the best course of action in creating a postnuptial agreement.