What is a Postnuptial Agreement?
A postnuptial agreement is a contract between spouses, and is similar to a prenuptial agreement, but it is entered into and signed after the marriage has ended. In order for the agreement to be valid, it should include all of the same important elements that a prenuptial would. It will need to be in writing, include the full disclosure of assets, separate counsel, no unseemly or frivolous demands, and there should be enough time for the document to be reviewed before being signed.
There are a number of reasons why a post nuptial agreement will be more beneficial to you than a prenuptial. Here are a few reasons why you should considering entering into one if it becomes necessary.
Reasons for a Postnuptial Agreement:
- The factor of time – A wedding is a busy affair with a lot of major details. Sometimes people become overwhelmed and stressed with all of the details involved in planning a wedding. Couples that intend to sign a prenuptial agreement, but forgot to do so on the day of the wedding, can have the option of signing a postnuptial instead.
- Revisiting the past – A couple may be very happy, and have a prenuptial agreement, but what they may not realize is that family law is constantly changing. What may have been a clearly defined prenuptial agreement 10 years ago could very well be vague and outdated by today’s family law standards. In the event of a divorce, people may have forgotten what they agreed to in the prenuptial and didn’t take the necessary steps to fulfill it. A great example is if they didn’t set up joint accounts or comingled their assets. With a postnuptial agreement, these issues do not become a problem.
- Too many assets – If you’re an older couple that never entertained the idea of a prenuptial, but have obtained significant assets over the years, you should consider this option before you sit down and plan your estate.
Contact An Experience Legal Representative
If you have any questions about creating a post nuptial agreement or are in need of legal advice or representation call (315)488-5544 or contact Bombardo Law Office, P.C.