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What to know about postnuptial agreements

On Behalf of | Mar 19, 2021 | Blog, Divorce

There are many potential benefits to negotiating a prenuptial agreement regardless of how wealthy you are prior to getting married. However, if you aren’t able to come to terms to such an agreement, it may be possible to craft a similar arrangement after the wedding takes place. This is known as a postnuptial agreement, and it can determine what happens to joint assets such as a car, bank account or home located in New York.

Negotiate a divorce settlement ahead of time

One of the primary benefits of a postnuptial agreement is that you can negotiate the terms of a divorce long before your relationship comes to an end. In fact, crafting a future settlement may be beneficial even if your relationship is still going strong. This is because it can be easier to come to terms on a contract when both parties to the deal are on good terms with each other.

Instead of trying to win the negotiations, each side will do what they can to ensure that the deal makes sense for everyone involved. It’s important to note that the terms of the arrangement should be reviewed by your attorney before it goes into effect.

Retain ownership of your business

A postnuptial agreement can be a great way to ensure that you’ll retain control of your company in the event of a divorce. At a minimum, you’ll know exactly what will happen if your marriage does end. In most cases, uncertainty is what harms most companies when the owner gets divorced. Therefore, eliminating that uncertainty may keep your brand afloat regardless of how amicable the eventual split from your spouse may be.