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What can a postnuptial agreement do?

On Behalf of | Aug 16, 2021 | Alimony |

Prenuptial agreements establish ground rules for divorce. They allow you and your spouse to set terms regarding property division and alimony, as well as establishing who owns what going into the marriage.

Couples can also develop plans during the marriage. According to U.S. News & World Report, postnuptial agreements have become increasingly popular among couples in search of ways to protect their financial outlook. Here are a few reasons to consider creating one now.

You have just started or plan to start a business

Business owners must have a prenuptial or postnuptial agreement to protect their assets. Otherwise, your spouse can claim business assets or even the business itself. Businesses created during a marriage are often included as shared property, but a postnup can help you establish a reasonable plan.

You have children from a previous marriage

You want to ensure kids from a previous marriage receive your assets should the unthinkable happen. In this case, postnuptial agreements are good estate planning tools, as they set the stage for all your heirs to receive assets according to your wishes.

Your financial status is different now

An influx of money will have a drastic impact on your financial status, as can the creation of debt during the course of the marriage. A postnup ensures fair division of assets, as well as protects spouses from the others’ debt.

You are a stay at home parent

Stay at home parents require alimony to support them after a divorce. Spending time out of the workforce affects your ability to secure gainful employment, but with a postnuptial agreement, you can rest assured that you will receive the financial support you need.

No couple wants to imagine getting divorced, but it is a sad fact of reality. By preparing yourself, the process becomes far less stressful and complex.