Postnuptial Agreements may be less common than prenuptial agreements but can be just as important a tool in protecting your wealth, property, heirlooms or other important assets. If you are already married and do not have a Prenuptial Agreement, you may mistakenly believe it is too late to protect your assets or property. The good news is that it is never too late for a nuptial agreement!
It is a common misconception that the only nuptial agreements available are those entered into before you get married: a prenuptial. However, nothing bars already married couples from entering into legally binding contracts regarding premarital and marital property. These contracts or agreements are known as Postnuptial Agreements and they are one of the many family law services offered by theLaw Office of Steven M. Bishop.
What does a postnuptial agreement accomplish?
Prenuptial and postnuptial agreements ensure that specific or particular interests of the partners are respected and protected in the event of a divorce. These agreements help to make sure that if you experience a divorce, you and your spouse will divide the property as you wish, versus relying on a Family Court judge to divide your property. These are also especially helpful as they are generally entered into when spouses are in a good place in their marriage so they can help ease tension and keep emotions leveled at the actual time of a divorce.
Who benefits from a postnuptial agreement?
Postnuptial agreements can be a great financial and estate planning tool for any couple but are especially useful for couples who have experienced a significant change in financial status during the term of their marriage. Perhaps you got married when you were young and had no assets to your name and you now own a successful business and multiple properties. In the event of a divorce, a Postnuptial Agreement can divide those assets as the couple wishes them to be divided, rather than have a judge dividing them and risking losing out on an asset that is especially important or valuable.
Postnuptial Agreements can also be especially helpful for couples where one partner has children from a previous relationship or marriage since they can ensure that certain assets will be passed to those children at the time of a divorce.
If you are interested in learning more about either Prenuptial or Postnuptial Agreements, contact the Law Office of Steven M. Bishop today. We can help to ensure that should anything happen to your marriage, your wishes for the division of property and assets will be protected.