Planning ahead is always vital if you really want things to work out for you. When you have a sound plan then you are definitely going to achieve your goals. Couples should take the same approach if they really want their marriage to work out and not put them in a lot of trouble in case something unexpected happens. Planning ahead in marriage can help determine where your assets go to once your marriage has ended or one partner dies. It may sound like a bad idea but in reality postnuptial agreement is necessary if you want to be on the safe side when your marriage is no longer viable.
A postnuptial is a written agreement between couples on what happens in case one partner dies or marriage ends in divorce. The document provides for terms as to the partition of support, properties and other issues like who gets to keep the inheritance. If you wish to keep certain assets in your birth family, a postnuptial agreement can make this possible. Postnuptial agreement can also include specific financial responsibilities for a specific spouse and children. A postnuptial agreement is meant to decide who:
- Gets assets or property belonging to the dead partner
- Has to pay the debts such as credit cards bills, mortgages and others.
- Has to pay spousal and/or child support in case of divorce.
- Gets what property owned by the spouses.
A postnuptial agreement is like a ‘pre-nup’, but the only difference is that the latter is made before marriage and has more legal obligations. If you want to sign a postnuptial agreement then ensure your attorney is with you and reads the details stipulated in that document. You shouldn’t be forced to sign a document that you are not in agreement with. Postnuptial must be an agreement between two parties and shouldn’t be forced upon. Some of the reasons why a postnuptial agreement is important include:
- Protection of Couple’s Assets – There is a common misconception that postnuptial agreements are designed to protect the wealthier spouse. However, this is far from the truth since postnuptial agreements also protect the partner with lesser assets. They ensure that they are well taken care of in case marriage ends in divorce.
- You want to have power of what happens if marriage ends in divorce – You may be the kind of person who wants to protect their future and doesn’t like uncertainties. You don’t want the court to decide what you get and what you don’t incase of divorce. Moreover, you want to save yourself from paying up attorney fees and reduce future litigation.
- Protect yourself from future debts – It is common for couples to accumulate debts during their marriage. If you have signed a postnuptial agreement before accumulation of these debts then this protects the assets you get upon divorce from being confiscated by creditor. It protects you from whatever damages your spouse has incurred during marriage in case of divorce.