Should I consider a postnuptial agreement?
Typically, individuals do not enter a marriage believing they will ever get divorced. However, for several reasons marriages do fail. To safeguard their assets in the event of a divorce, couples should create either a prenuptial or a postnuptial agreement. Essentially, these types of agreements specify the division of certain assets in a divorce. If you want to protect your assets before or after tying the knot, contact a trusted Nassau County Prenuptial Agreement Attorney who can help you create an agreement that best suits your needs. We are ready to help you today.
What is the difference between a prenuptial and a postnuptial agreement?
Although prenuptial and postnuptial agreements are fairly similar, several distinctions separate the two. Regardless of which agreement a couple chooses to create, a prenuptial and postnuptial agreement can greatly benefit both parties as they protect their hard-earned assets in a divorce.
A prenuptial agreement is a written document that is formulated before a marriage takes place. It specifies how marital assets will be divided in a divorce.
Similarly, a postnuptial agreement is also a written document that dictates the division of assets in a divorce. However, the main difference between the two agreements is that a postnuptial agreement is formulated after the couples has already tied the knot.
What to include?
When creating a postnuptial agreement, married couples should include:
- Asset division. One of the main reasons individuals seek this agreement is to specifically dictate which assets will go to who in the event of a divorce. Individuals should assign assets to each party fairly. Married couples should determine how properties will be split as well as all marital assets. Any assets that were accumulated before the marriage are considered separate assets and are not up for division. However, all marital assets that were accumulated during the marriage may be divided.
- Debts. During a marriage, couples may gain or lose financial assets. Married couples may have joint banking accounts. Joint accounts are considered marital assets, meaning each party is liable for any accumulated debts. Married couples should include how their marital debts will be divided.
- Spousal and child support. Under certain circumstances, couples may reach a mutual agreement on a spousal or child support arrangement. Couples should indicate this in their postnuptial agreement.
- Death. In the unfortunate event one spouse passes away unexpectedly, a postnuptial agreement can reflect what happens to their assets. It can include specific details about their wishes, including the distribution of their assets.
If you are already married, don’t hesitate to reach out to one of our trusted and knowledgeable team members. Whether you want to create a prenuptial or a postnuptial agreement, we can help you today. With years of experiences, our firm can help you protect your hard-earned assets.