Does a postnuptial agreement make sense?
A postnuptial agreement spells out what happens to assets and debts if a couple is to be divorced. The postnuptial agreement is drawn up and signed after a couple is married. There are many reasons why a couple would draft a postnuptial agreement. One reason is if a spouse was guilty of infidelity during the marriage. Another reason would be for heirs of an estate or a family business to have that pass to them and not be affected by a divorce. Those who are giving their children an inheritance may not want their children’s spouses to have any of that money, so a postnuptial agreement may be necessary. In addition, a family business may also need a postnuptial agreement to ensure the business will remain in the family and not be affected by a divorce.
Couples who are interested in drafting a postnuptial agreement may want to speak with a legal professional skilled in family law. Generally, it is recommended that each spouse meet with their own attorney in order to draft an agreement. If, during a divorce hearing, a judge finds that one spouse was underrepresented in a postnuptial agreement, it may be thrown out. A family law attorney can help their client figure out if a postnuptial agreement makes sense for their situation and can help make sure the agreement is valid.
Even happily married couples may find that a postnuptial agreement is a good idea for their situation. A postnuptial agreement can help preserve assets and business interests in the event of a divorce.
Source: wsj.com, “Why postnuptial agreements are on the rise“, Veronica Dagher, March 10, 2016