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A postnuptial agreement is a legal document that is signed by a married couple after they are already married or in a civil partnership. This document outlines each person’s financial rights and obligations in the event of a divorce or death. While some people view postnuptial agreements as unromantic, they can actually be a very practical way to protect yourself and your assets. A postnuptial agreement simply allows both parties to be on the same page about their finances and can provide peace of mind in the event of a divorce or dissolution. Here are 5 reasons why you might need a postnuptial agreement:
You Have Significant Assets
If you or your spouse/partner have significant assets, a postnuptial agreement can help protect those assets in the event of a divorce or dissolution. This is especially important if you are bringing assets into the marriage or if your spouse will inherit significant assets during the course of the marriage.
You Own a Business
If you own a business, a postnuptial agreement can help protect your business interests in the event of a divorce or dissolution. This is particularly important if you are planning to bring your business into the marriage or if your spouse/partner will have an ownership stake in the business.
You Have Children from a Previous Relationship
If you have children from a previous relationship, a postnuptial agreement can help ensure that your children are provided for financially in the event of your death or disability. This is important because your spouse may not be legally obligated to provide financial support for your children if there is no formal agreement in place.
You Want to Keep Your Finances Separate
If you want to keep your finances separate, a postnuptial agreement can help ensure that each party’s financial affairs remain separate in the event of a divorce or dissolution. This can be important for couples who have different financial goals or who want to maintain control over their own finances.
You Are entering Into a Second Marriage
If you are entering into a second marriage, a postnuptial agreement can help protect your first spouse’s interests in the event of your death or disability. This is important because your first spouse may not be legally entitled to any of your assets if there is no formal agreement in place.
A postnuptial agreement is a contract created by two people who are married or in a civil partnership. This agreement is made to protect each person’s assets and property should the relationship end in divorce or dissolution. While some couples may feel that creating a postnuptial agreement means they are planning for the failure of their marriage, this is not the case.
A postnuptial agreement simply allows both parties to be on the same page about their finances and can provide peace of mind in the event of a divorce or dissolution. This agreement can be a very practical tool for protecting yourself and your assets in the event of a divorce or death. If any of the above scenarios apply to you, then you should definitely consider drafting a postnuptial agreement with the help of an experienced attorney at The Narrows Law Group.