Getting married is one of the most exciting milestones in a person’s life. Yet there are many costs that should be evaluated.
Finances, one of the greatest factors to consider, must be analyzed—especially when one or both parties is getting married for a second time and has children from a previous relationship.
Postnuptial Agreements Defined
A postnuptial agreement, defined as a legal agreement executed after two spouses are married, can help to determine what finances and other assets will be settled in the event a couple decides to separate or divorce.
Finances and other assets included in a postnuptial agreement can be divided before or after a wedding ceremony. Any financial debts, spousal support, and child support can be included in a postnuptial agreement.
When Are Postnuptial Agreements Most Common?
Postnuptial agreements are often discussed when a person is in his or her second or third marriage and has children from previous marriages. Postnuptial agreements can also help simplify the process of determining what is marital property and what remains separate property.
Additionally, a postnuptial agreement can help ease one’s concerns about re-entering the workforce if he or she becomes a single parent post-divorce. Finally, a postnuptial agreement can provide settlement in the event of one’s sudden wealth increase, or can protect one’s business.
When spouses decide to sign a postnuptial agreement, they are likely very serious about staying married and ensuring financial security. And even though a postnuptial agreement can cost a lot of money, the benefits of making such agreement can outweigh the costs. However, a postnuptial agreement may not resolve all issues pending a divorce, and dealing with them can be complicated. Hence, it is important for couples to speak with a knowledgeable divorce lawyer who can throughly explain the benefits and downfalls, and can advise you on the best options for your individual situation.
Contact Your Wheaton Family Law Lawyer
Talking about finances can be one of the hardest discussions between spouses. At Abear Law Offices, we understand the complications and hesitancies related to marriage agreements and we are ready to address your concerns and assist you with your case.
If you or your spouse have questions concerning the completion of a marriage agreement, either prenuptial or postnuptial, Attorney Abear can help. Please contact our compassionate Wheaton divorce attorney today. Call 630-904-3033 to get the help you deserve. We look forward to speaking with you.