Some couples consider a prenuptial agreement when they are getting married.
But what if you weren’t one of those couples? Is it too late once you’ve been married to put something in place to address some of the important issues in the event you get divorced?
No, it’s never too late and that’s why in the later portion of the 20th century postnuptial agreements were introduced. Some think postnuptial agreements were a vehicle crafted in response to the increase in divorce rates in the 1970’s. They have proven to be very useful vehicles for protection in the event of divorce.
So what is a postnuptial agreement?
A postnuptial agreement is a written contract executed after a couple gets married or have entered a civil union. The purpose of this contract is to address and settle a couple’s affairs in the event of a separation or divorce.
When thinking about the issues to be addressed in a postnuptial agreement I suggest you consider the following:
- Assets, liabilities, income;
- Expectations of gifts and inheritances;
- Trusts either spouse receives benefits from, whether before or after marriage;
- How post-marital debts will be paid;
- Decide who, or if both of you, will own or occupy the marital residence and secondary homes in the event of divorce or death;
- What happens to property - real estate, jewelry, artwork, antiques
- Spousal support;
- Children - child support, custody;
- Health insurance;
- Life insurance;
- Death benefits- what you will provide for in your will
I have been thoughtfully developing postnuptial agreements for decades!
If you are thinking of introducing one to your marriage call me.
I will guide you on all of the important issues to cover.
You can reach me for a free consultation at 212.734.1551.
Warm wishes,
Lois