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Should you sign a postnuptial agreement?

by | Apr 6, 2018 | Property And Asset Division

Most Oneida residents probably know what prenuptial agreements are, along with the reasons for drafting them. Far fewer will likely have heard of postnuptial agreements or the various reasons couples may benefit from signing them.

Could signing a postnup strengthen your marriage? Read on to find out.

What is a postnuptial agreement?

Like prenuptial agreements, postnups are legal contracts. The major difference is that they are entered into by the spouses at some point after their wedding.

Postnups can specify the distribution of money and assets should the marriage disintegrate at some point. They can also dictate who is responsible for paying bills incurred by either spouse.

Is it to my benefit to sign a postnup?

It definitely could be. Suppose you have children with a former partner and want to spell out to which of your assets they will be entitled if your current marriage ends in divorce. A postnup can do this without frittering assets away on legal bills.

Another reason that many couples elect to sign postnups is that there have been instances of infidelity by either spouse. If the couple decides not to divorce but seek counseling to salvage the marriage, they can enter into a postnup that gives the cheated-upon spouse a definite financial edge if infidelity occurs again. This provides a concrete incentive for not straying out of the marriage.

A third and final reason that makes signing a postnup a good idea is if one spouse takes time off from a lucrative career to run the household and/or rear the children. If they later divorce, the postnup can guarantee that spouse’s significant contributions to the marriage will be fairly compensated.

There’s no hard and fast rule as to whether or not to sign a postnuptial agreement. However, never sign any document or contract without first allowing your family law attorney to review and approve it first.

Source: ABC News, “Forget the Prenup: Why You May Need a Postnuptial Agreement,” AJ Smith, accessed April 06, 2018