Creating A Postnuptial Agreement Can Be A Sound Financial Maneuver
A prenuptial agreement, though often serving a practical purpose, is not always an easy sell when entering a marriage. The document itself is viewed by some as resignation to failure, and if your union is strong, you may think it unnecessary. Should your financial situation evolve, however, it can make sense to revisit the idea of coming to an agreement.
At my firm, Dannenbaum Law Firm, PLLC, I help Arlington couples draft postnuptial agreements that serve to protect their individual interests. It never hurts to be prepared, and should your marriage unexpectedly dissolve, a postnuptial agreement can ensure the integrity of your assets.
When Should You Consider A Postnuptial Agreement?
If you have forgone a prenuptial agreement, you may believe you are in for a contentious and costly divorce if your marriage fails. A postnuptial agreement, however, can effectively accomplish the same goals as its prenuptial counterpart, allowing you to preserve ownership of certain assets. Situations that may call for a prenuptial agreement include:
- Coming into a considerable inheritance: In Virginia, an inherited estate is technically considered separate property. If any of those assets end up in a joint account, however, they can become marital property and subject to equitable distribution. A postnuptial agreement can be used to partition these assets from your spouse.
- Debt issues: If you feel that your spouse has accumulated a worrisome amount of debt, a postnuptial agreement can dictate that he or she would be responsible for paying it off in the event of a divorce.
- The formation of a business: If you formed and built a business after your marriage, your spouse could be entitled to a share of its ownership in a divorce. If you are solely responsible for your company’s growth, a postnuptial agreement can ensure that you retain complete ownership.
Regardless of your reasons for considering a postnuptial agreement, it can greatly benefit you and your spouse to consult with a lawyer first. A divorce attorney can assess your situation and help you create terms that suit your financial goals.