Most people have probably heard about and created prenuptial agreements that allow them to address a number of issues relating to how personal and marital property will be handled in the event of a divorce. However, if you did not create one, and wish to have some critical issues written down, then you may consider having a post-nuptial agreement.
A postnuptial agreement is pretty much like a prenup, except that you and your spouse enter into it after getting married. While creating a postnuptial agreement, you and your spouse must disclose what you separately own (assets and debts) as well as the marital property. A postnup can also set forth each party’s rights and obligations in the marriage. But do you need it?
Here are two reasons why you should consider creating a postnuptial agreement.
To foster communication
Talking about finances, debt and property division in the event of a divorce can be unsettling. Creating a postnuptial agreement, however, may facilitate communication as you will need to have an open talk and intentional cooperation with your spouse.
By keeping the communication line open on subjects that you’d rather find difficult, you will be able to set clear expectations, outline personal and shared financial goals and define clear goals. All these can be key to averting conflicts that might relate to financial matters down the road.
To protect you from a chaotic divorce
A properly done postnup can help avoid costly battles should the marriage come to an end. This is because a postnuptial agreement addresses issues regarding marital and personal property, thus, sparing the couple unnecessary conflicts over financial matters.
Couples enter into postnuptial agreements for a variety of reasons. Find out how a properly written postnup can protect your rights and interests should things fail to work between you and your spouse.