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Postnuptial agreements not only help spouses clarify their rights and obligations during the marriage but also help them manage, protect, and clarify those rights and obligations in the event of divorce. Even if you never divorce, creating a postnuptial agreement can give you peace of mind during the marriage because you know your future financial situation is more secure should the marriage end.
What is a Postnuptial Agreement?
A postnuptial agreement is an agreement between you and your spouse that is signed during the marriage. It outlines your respective rights and obligations during the marriage as well in the event of divorce or death. This might include a plan about how your assets will be split, how your children will be cared for, or other things that are important to you.
By creating a postnuptial agreement now, you’ll save money in the future by reducing conflict that could easily arise if important issues aren’t properly addressed. A postnuptial agreement gives you financial and emotional stability as well as peace of mind by helping to protect the things that are most important to you.
How do Postnuptial Agreements Work?
Postnuptial agreements are often entered into when there has been some sort of change in the marital relationship. Other times, a couple may enter into a postnuptial agreement due to financial circumstances that have altered. In either case, the couple signing a postnuptial agreement plans to remain married and is not looking to divorce or legally separate in the immediate future.
Here are some common reasons why people seek postnuptial agreements:
- A prenuptial agreement was discussed, but never signed
- There has been some sort of betrayal (whether emotional, physical or financial)
- A spouse has recently acquired assets through a family gift or inheritance
- A spouse feels the current financial arrangement in the marriage is not equitable
Drafting and signing a postnuptial agreement does not mean you are committing to divorce. Instead, these agreements help a couple recommit to their marriage with a clear understanding of their current and future rights and obligations. Additionally, when postnuptial agreements are negotiated in a non-adversarial way, it helps a couple learn better communication and conflict resolution skills that can improve their marriage.
FAQs about Postnuptial Agreements
Should I Get a Postnuptial Agreement?
If there is ongoing conflict or stress in your marriage due to any sort of change in financial or emotional circumstances, a postnuptial agreement may be right for you. We encourage you to speak with one of our qualified attorneys to discuss how a postnuptial agreement could help address concerns that you have should the marriage end. Making a postnuptial agreement now can save you hefty divorce costs down the road. It also helps you and your spouse fully understand your rights and responsibilities going forward in the marriage, which can reduce stress and tension.
Will a Postnuptial Agreement Hurt My Marriage?
Many people are hesitant to broach the subject of a postnuptial agreement with their spouse. They worry that talking about a postnuptial agreement will lead their spouse to believe they want a divorce. But this doesn’t need to be the case. There are plenty of ways to approach this topic through a calm and rational conversation. When you find attorneys or a mediator who can help you start a constructive conversation about what is important to each of you and where your concerns lie, the process can lead to more security during the marriage and less conflict should the marriage end.
How Long Does It Take to Make a Postnuptial Agreement?
The amount of time necessary to create your postnuptial agreement will depend on your unique circumstances. How much negotiation will need to take place? Are there challenging emotional issues between you and your spouse? Are there children involved? Each of these factors will come into play.
How Much Will a Postnuptial Agreement Cost?
Postnuptial agreements in New York commonly cost between $5,000 and $15,000, depending on the unique circumstances. Some factors that affect the cost include the complexity of the terms and the time needed to negotiate and draft the agreement.
It’s important to consider that by creating a postnuptial agreement now, you could save hundreds of thousands - even millions - of dollars down the road. You not only achieve emotional stability by having a plan, but financial stability for your family and future. If your goal is to stay out of court should your marriage end in divorce, a postnuptial agreement could be an excellent investment now.
Should Both Parties Have Attorneys While Drafting a Postnuptial Agreement?
We recommend that both you and your spouse hire attorneys while working out your postnuptial agreement. We want to make sure that you both have an opportunity to understand all your rights and obligations and understand the ramifications of what you are signing. A postnuptial agreement needs to be entered into fairly and cannot be one-sided.
Meeting with our attorneys can help you learn how best to speak with your spouse about a postnuptial agreement. We work with individuals from many different backgrounds, and we can provide some helpful resources for you.
Contact Vacca Family Law Group for a Postnuptial Agreement Attorney Today
No two postnuptial agreements are the same because they are tailored for each couple’s specific circumstances. At Vacca Family Law Group, we will help you establish a postnuptial agreement that will meet your specific needs and provide you with the security that you need.
To speak with one of our qualified attorneys today about your postnuptial agreement, contact us at 212-768-1115.