You may have heard of a prenuptial agreement before. But there is also such a thing as a postnuptial agreement. And while it may be less commonly known, it may still be effective in protecting your assets. Follow along to find out why you should execute a postnuptial agreement and how one of the proficient Manhattan divorce attorneys at Zimmet Law Group, P.C., can help you in making this decision.
What is a postnuptial agreement?
A prenuptial agreement is a contract that two individuals may sign before they get married. Specifically, this contract maps out what should happen to the couple’s assets and financial obligations toward one another if their marriage were to end down the line.
Similarly, a postnuptial agreement is a contract regarding finances that a couple may sign after they are married. To be properly established, it must meet the following requirements:
- It must be executed voluntarily.
- It must include full financial disclosure.
- It must be fair and just.
- It must be notarized.
- It must not include child-related issues.
Why should I get a postnuptial agreement?
Notably, New York is an equitable distribution state. Meaning, in the event of divorce, the family court will divide your marital assets between you and your spouse in a way they find to be fair and just. With “fair and just” not necessarily meaning a 50/50 split, this process can get complicated. So, if you have an established postnuptial agreement, the court can refer to this contract when making their decisions. In the long run, this may protect the assets that you worked hard to earn.
Why else should I get a postnuptial agreement?
It is important to note that a postnuptial agreement is not only useful if you and your spouse foresee a divorce in the future. Rather, it is useful for having better communication and faith in each other when it comes to your finances. With that being said, you and your spouse should consider this contract if any of the below circumstances apply:
- You and your spouse want to remain married but separate yourselves financially.
- You and your spouse want to remain married but adjust the terms and conditions of your prenuptial agreement.
- You and your spouse want to supersede certain state laws surrounding your estate planning.
- You and your spouse have experienced significant changes in your marital dynamics (i.e., one spouse’s yearly income has significantly increased, one spouse has decided to be a stay-at-home parent, etc).
- You and your spouse believe that you will experience significant financial changes in the future (i.e., one spouse started a successful business, one spouse received a great inheritance, etc).
- You and your spouse may get divorced but are trying to work things out first.
If you are ready to execute this document, then hire one of the talented New York City divorce attorneys today.
