Much like a prenup, a postnuptial agreement gives newlyweds a chance to formalize decisions regarding asset and debt division and spousal support in case their marriage ends prematurely. While many dismiss the thought of drafting a postnuptial agreement for fear of any uncomfortable conversations it could bring, having an agreement on file with the court offers a great deal of benefits beyond peace of mind.
While a marriage brings two lives together, a postnuptial agreement can help keep your savings separated. A postnuptial agreement can protect each spouse’s individual finances by:
- Protecting the assets they bring into the marriage from becoming community property
- Outlining how property acquired during the marriage will be divided upon divorce
- Documenting alimony decisions
Having such an agreement in place can offer further financial benefits by saving in legal costs if the two do divorce, as the couple will not have to dispute these issues in mediation or in front of a judge.
Drafting a prenuptial or postnuptial agreement allows a couple to define their expectations for the relationship. It gives the pair a chance to identify their stances on key issues, such as if one spouse is going to stay home to care for the children, and how the two will respond to this sacrifice in their experience in the form of alimony if they should divorce.
Protect Your Children
If you have children, a postnuptial agreement can protect them too. By having this legal agreement in place, assets meant to be given to your kids when they’re older, such as a college savings account, can be safeguarded from redistribution.
Pave the Way for a Simple, Uncontested Divorce
If your marriage does end in divorce, you and your spouse have already drafted the framework for the split. By having a postnuptial agreement submitted, you can proceed with a swift and efficient uncontested divorce that saves you time, money, and pain.