What is a Postnuptial Agreement?
There are two popular types of marital contracts, Prenuptial Agreements and Postnuptial Agreements. The major difference between Prenuptial Agreements and Postnuptial Agreements is that Prenuptial Agreements are entered into before marriage, pre-marriage, and Postnuptial Agreements are entered into after marriage, post-marriage. Both Prenuptial and Postnuptial Agreements are created in order to outline what will happen to an individual’s assets in the event of a separation or divorce.
A Postnuptial Agreement can outline the division of all property acquired by the parties before their marriage as well as property acquired by the parties after their marriage. Individuals can write provisions about almost all matters in a Prenuptial and Postnuptial Agreement with the exception of matters concerning the parties’ children, if any.
Why get a Postnuptial Agreement?
There are a number of reasons to get a Postnuptial Agreement, as situations may arise that you could not have foreseen prior to your marriage. For example, suppose both parties are gainfully employed at the time of their marriage and then one spouse decides to leave work in order to stay home and care for the parties children. A postnuptial agreement may be entered into in order to protect the non-working spouse’s financial security in the event that the parties end up separating or divorcing while they are still unemployed.
Another reason to enter into a Postnuptial Agreement is if one party receives an inheritance or gift and wants to protect that asset in the event of a separation or divorce; the parties can determine prior to a divorce or separation how that marital asset will be divided. By entering into a Postnuptial Agreement in order to determine the division of the inheritance or gift, it can prevent a great deal of turmoil and financial insecurity down the road should the parties choose to separate or divorce.
One more circumstance where a Postnuptial Agreement may be useful is if the parties are going through a difficult time in their marriage and decide they want to try and work things out, but still want to look out for themselves in the event they are unable to. Entering into a Postnuptial Agreement during the marriage can put both parties at ease about their individual futures should anything happen, as well as save a lot of time and money in the event the parties do end up going their separate ways.
Contact us to learn more
It is important to plan ahead and prepare for your future. If you wish to schedule a consultation with one of our experienced family law attorneys in Nashua, NH, please call 943-5647 or you can click here. We would be more than happy to schedule a time for you to discuss your situation and see what may be best for you moving forward.