When you get married to your partner, you’re likely fantasizing about the life you’ll grow together, full of love and happiness. You’re probably not thinking about what will happen to your assets when you get divorced. However, this is something you should consider for a multitude of reasons. If you’re unsure what a postnuptial agreement is or why you need one, you’ll want to keep reading. You’ll learn more about where to begin the process and discover how a Nassau County family law attorney can help you.
What Is a Postnuptial Agreement?
A postnuptial agreement is less common than the other primary marital agreement, a prenup, but is growing in popularity. This document outlines what assets each spouse will receive should they get divorced. Unlike a prenup, a postnup is created and validated after the couple is legally married.
This legally binding contract outlines how money, property, and debt will be distributed should a divorce occur.
Why Would I Need One?
Unfortunately, many assume that creating a postnup means the couple is on the brink of divorce or that they don’t trust their spouse. While it is true that these agreements can feel less romantic due to the nature of the content, they are often created with the best intentions.
Creating a prenup has many benefits, including the fact that it ensures both spouses will be taken care of in case they divorce. This is the opposite of the common misconception that a prenuptial agreement indicates unhappiness, as it is a means to guarantee each spouse will be financially protected during a divorce.
Another reason some couples will choose to sign a postnup is if one spouse experiences a drastic change in income. For example, if one parent leaves their profession to become a stay-at-home parent, they may want a postnup to ensure they will be taken care of should the couple get divorced, as they no longer have their own earnings.
How Do I Set One Up?
If you want to set up a postnuptial agreement, ensuring you have the help of an attorney is crucial to ensure the terms of your contract are legally valid.
Once you find an attorney to help, you and your spouse will compile a list of your individual and shared assets and debts. This is crucial, as you need to ensure you list everything. You will then detail how each of these assets, such as money, property, and businesses, will be divided during divorce.
The document must also be in writing, as oral agreements are not legally valid in this situation.
If you need help navigating your postnuptial agreement, Barrows Levy PLLC can help. Contact our office today for a free consultation to discuss the details of your circumstances.