Postnuptial Agreements Explained
Prenuptial agreements are common and most people have heard of them. However, postnuptial agreements are just as important but are far less discussed or as well known as prenuptial agreements. Here’s what you need to know about postnuptial agreements, how to determine if you and your spouse could benefit from one, and who to call to get assistance with drafting one.
What Is a Postnuptial Agreement?
Simply defined, a postnuptial agreement is one that takes place after the couple has already been wed. Typically, you will either have a prenuptial agreement or a postnuptial agreement, but generally only one or the other is needed. A postnuptial agreement can be beneficial for couples who did not sign a prenuptial agreement and have since decided that they do want to have an agreement drafted to protect them in the event of a divorce.
What Can Be Included in a Postnuptial Agreement?
Postnuptial agreements include the same information that a prenuptial agreement does. For example, a postnuptial agreement may define:
- Which spouse gets to keep which assets, including savings accounts, property, retirement accounts, and other assets in the event of a divorce
- Which spouse is responsible for which debts, or how debts will be divided between spouses in the event of a divorce
- Which spouse pays spousal support in the event of a divorce, under what circumstances, and for how long
- How assets will be divvied up if one spouse passes away during the marriage and the other is widowed
Do You Need a Postnuptial Agreement?
A pre or postnuptial agreement is designed to protect each spouse if a divorce occurs. If you are the higher earning spouse or brought significant assets to the marriage, a postnuptial agreement can protect you from having to part ways with your assets in a divorce. However, if you are a lesser earning spouse, a postnuptial agreement may prevent you from getting what you are entitled to.
Contact an experienced Orange County lawyer today to learn more about postnuptial agreements and how to determine whether signing on is in the best interests of you and your marriage. Call the Law Office of Barbara E. McNamara today at (714) 740-2542.
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