Divorce in the United States is all too common, particularly since researchers estimate that 40%-50% of all first marriages and 60% of all second marriages will end in divorce. If you are getting married, you may have heard of a prenuptial agreement. However, there is another document that may be considered after the marriage takes place. Thispostnuptial agreement can be especially beneficial if there is a divorce down the line, and here we have outlined everything you need to know about this legal document.
What exactly is a postnup?
This is a legal document that is signed after the couple is married, unlike a prenuptial agreement, which happens before the wedding takes place. Typically, this document details the legalities of the marital property and how the assets will be separated if a divorce takes place.
How are assets classified in a postnup?
Money is a huge reason why couples are unhappy in their marriage. Signing a postnup with divorce attorneys can help alleviate the financial tension by determining details such as:
- Which spouse owns — and is fiscally responsible for — each asset.
- A roadmap for how to negotiate probate issues should divorce happen down the line.
- Specify that one partner’s student debt or credit card debt is not a joint marital debt.
What are some signs that my spouse and I can benefit from a postnup?
Some signs that you would need a postnup agreement include:
- One or both of you have entered the marriage with a lot of financial assets, a future trust fund, or an expectation you will gain a lot of assets in the future.
- You have children from previous marriages. A postnup will be able to determine that your children receive the inheritance you set up with your divorce lawyers should anything happen to you.
- One of you owns a profitable business. This is because a postnup can protect any finances you acquire during the marriage.
If you and your spouse have not signed a prenuptial agreement before your big day, consider a postnuptial agreement with the consultation of a qualified marriage and divorce attorney. Have any questions? Contact our divorce attorney Silver Spring MD office today.