Reasons Why Postnuptial Agreements Are on the Rise
We’re all relatively familiar with prenuptial agreements, but a postnuptial agreement—what’s that all about? A postnuptial agreement (postnup) is a contract drafted after a couple is married that specifically addresses how to divide their assets and liabilities upon divorce or death. These documents can specifically address an individual property, the couple’s entire estate, or anything in between. Because of their versatility, postnups are on the rise.
There are a number of reasons to recommend a postnuptial agreement in certain situations:
- Financial issues – If one spouse has quietly incurred debt that could threaten the couple’s financial stability, a postnup can lay the groundwork for how to apportion that debt should it lead to the dissolution of the marriage. This can provide the other party with a greater sense of security—while they work to repair the marriage.
- Unequal assets – When one spouse makes far more money than the other, he or she may want to initiate a postnup to secure a higher percentage of the marital assets in case of divorce. Further, a spouse who gives up a career to raise a family may seek the financial security of a postnup to help ensure his or her future in the event of a divorce.
- Multiple marriages – People with prior marriages typically bring unique financial concerns with them into a new marriage, including children, grandchildren, and even parents to whom they have financial obligations. A postnup can help delineate how the related financials will work in such situations. Further, a postnup can ensure that a surviving spouse will remain financially secure in the interim—before children and/or grandchildren receive their rightful inheritances.
Every marriage is as unique as the two spouses. As such, every postnuptial agreement is unique to the circumstances involved. Nevertheless, postnups are becoming more popular, and there are several common themes that contribute to their popularity.
Changes in Relationship
Sometimes the very landscape of a marriage changes over time, and a postnup can help a couple correct discrepancies that may arise:
- A spouse may want to show a reinvigorated commitment to the marriage by guaranteeing his or her spouse a more valuable settlement if the marriage fails.
- Sometimes, a partner to marriage will want to implement a postnup if the other partner has been unfaithful (and trust is at a premium).
- Postnuptial agreements are often initiated to render a previously established prenup more equitable for the spouse the prenup impinges upon (in a marriage where the net worth of one spouse has risen dramatically, for example).
Considering a Postnup? Contact a Skilled Connecticut Divorce Attorney Today
Marriages are complicated, and they often evolve over time. Postnuptial agreements can help couples implement corrections and tweaks for circumstances they may never have envisioned. The dedicated divorce lawyers at The Law Offices of Piazza, Simmons & Grant, L.L.C., in Stamford, Connecticut, have the experience, knowledge, and skill to help you create a postnup that works for you. We’re here to help, so please contact or call us at (203) 348-2465 today.