Postnuptial agreements are contracts that are signed during the marriage. These are often entered into when there has been some sort of change in the marital relationship or financial circumstances that causes one or both parties to seek more financial security but the couple is not looking to divorce or legally separate. Having children is another reason why couples may want to discuss a postnup.
I recently contributed to a Your Tango article Forget Prenups: Here’s Why You and Your Spouse Should Have a Postnuptial Agreement Instead. Unlike a prenup, postnuptial agreements are negotiated without the duress of a wedding day looming. Instead, they are negotiated when a couple is able to discuss their goals reasonably and calmly.
The major benefit of a postnuptial agreement
is that they’re done at a time when things in the marriage are good
and both partner’s minds are clear.
In New York, a prenuptial agreement made before a couple has children is often not enforceable on any issues pertaining to the children. Once you have children, it’s a different story. A postnuptial agreement lets parents be proactive in planning how their children will be protected in case of divorce or the death of one parent. It gives you a chance to plan for the custody, care, maintenance, and education of your children should your marriage end.
4 More Reasons People Seek Postnuptial Agreements
- A prenuptial agreement was discussed, but never signed
Some couples plan to enter into a prenuptial agreement, but either run out of time in which to execute the document before the marriage, or back off of the concept because one or both of the parties are uneasy about it or feeling too much pressure.
- There has been some sort of betrayal (whether physical or financial) that has raised financial concerns
A party may learn that his or her spouse has secretly incurred debt that threatens the family’s financial stability. Or one spouse may learn that the other has been hiding a gambling addiction.
- A spouse has recently acquired assets through inheritance
If one spouse inherits assets during the marriage, those assets will be seen as separate property if they are kept apart from marital funds and remain in the inheriting spouse’s own name. But what if the inheriting spouse wishes to use those assets to help buy a new family home or make another investment that will benefit the family?
- A spouse has incurred large debts
A postnup can be used to avoid joint liability for debt incurred during your marriage due to student loans, business debt, gambling, credit card Generally, both spouses are responsible for the marital debt. A postnuptial agreement is a contract between spouses. The person who incurred the debt is protecting their partner from bankruptcy and other debt collection.
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If you need to draft a postnuptial agreement or parenting plan,contact Vacca Family Law Group for more information. Vacca Family Law Group provides legal solutions to protect families and no court divorce alternatives that help you take charge of your own divorce.