Consider A Postnuptial Agreement
A rising trend in the nation is the postnuptial agreement. Unlike a prenuptial agreement, which most people are familiar with, a postnuptial agreement is configured and signed after marriage. Like a prenuptial agreement, a postnuptial outlines how assets will be divided if the couple decides to divorce. Generally, postnuptial agreements are created by couples who plan to stay married, and are not a precursory step to divorce. Aside from asset division, child custody, child support and spousal support may be covered in the document.
The Uniform Premarital Agreement Act created standards that govern the creation of prenuptial agreements in nearly 30 states. Because no such act exists in relation to postnuptial agreements, this type of agreement may be more closely scrutinized when taken to court. It is important, therefore, that you and your spouse each employ a separate, competent lawyer when drafting the postnuptial.
At Burton Law Firm, P.C., we can help you draft a well-crafted postnuptial agreement. We suggest you and your spouse discuss the following items:
- All joint assets
- All joint debts
- Expected future income
- Existing financial concerns about your current lifestyle
When you and your attorney create the document, the following items will be addressed therein:
- All liabilities and assets
- Expected or unexpected future gifts and inheritances
- Division of property and income
- Division of real estate, including first and second homes
- Child support and custody terms
- Spousal support
- Inheritance of your joint assets, including gifts and trusts
- Details of benefits, insurance coverage, and disability or long-term care
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