What are the benefits of postnuptial agreements?

On Behalf of | Jun 30, 2020 | Firm News |

When a Michigan couple decides to sign a prenup before walking down the aisle, they are essentially agreeing to how their property will be divided in the event of a divorce. However, there is no need to worry if you and your spouse did not sign a prenuptial agreement before you got married. Many people decide to go with a postnuptial agreement instead, which is essentially a prenuptial agreement that can be signed during your marriage.

Some people find prenups and postnups to be unromantic, arguing that signing one is a way of saying that you think your marriage is going to fail, long before it actually does. However, many experts say these agreements are actually a great way to strengthen your relationship, as it takes some of the financial stress off your marriage.

Postnups may be difficult to bring up with your partner, but if you previously discussed getting a prenup but didn’t get around to it, you have children from another relationship, or one of you decides to become a stay-at-home parent, a postnup may be your best option. Postups can be especially beneficial if your marriage seems to be on the rocks or one or both of you has a large number of valuable assets to protect.

Generally, a postnup agreements will cover all your assets, including your home, business, and retirement accounts, as well as details about spousal support and maintenance. If you do end up getting a divorce, a postnup will not necessarily protect you from creditors if your spouse racked up the credit card debt during your marriage. However, the courts may use your agreement to make your spouse pay the debts he or she accumulated.

If you and your spouse decide that a postnup is right for you, a family law attorney in your area can help you draft it so that both of your assets are protected in the event of divorce. That peace of mind may be the thing that changes your marriage for the better.