Several Compelling Reasons To Consider A Postnuptial Agreement

A postnuptial agreement is very similar to a prenuptial agreement. The only major difference is when the agreement is signed. A prenuptial agreement is signed before your marriage whereas a postnuptial agreement is signed after you are married. While preparing for divorce doesn’t necessarily seem romantic on its surface, there are several good reasons why you might want to consider a postnuptial agreement. In this article, the Maryland family law attorneys at Schlaich & Thompson, Chartered will discuss several compelling reasons to consider getting one.

A postnuptial agreement clarifies financial expectations 

One of the major advantages that a postnuptial agreement has over a prenuptial agreement is that the spouses can enter into it when they have more knowledge regarding their marital finances. This means that they’re better informed about their financial needs than they were prior to entering the marriage. A postnuptial agreement can be used to help spouses clarify their financial expectations and reduce misunderstandings by encouraging both parties to have an open and honest discussion about money matters.

You just received an inheritance 

If you recently received an inheritance, you may be interested in protecting it. Inheritances are generally treated as separate property in Maryland (meaning they don’t become a part of the marital estate). However, inheritances can also become commingled with marital property which would complicate asset division should the couple divorce. To ensure this never happens, a postnuptial agreement may be in order.

You brought a significant amount of assets into the marriage 

A spouse who brings significant assets into the marriage, may be interested in a postnuptial agreement to protect those assets from becoming shared or marital property. A postnuptial agreement can prevent such assets from becoming commingled with the marital estate, allowing the spouse to keep the individual wealth they accumulated.

A postnuptial agreement can address a wide range of assets, including:

• Real estate
• Investment property
• Investment portfolios
• Retirement funds
• Personal property
• Vehicles
• Valuable artwork
• Jewelry
• Family heirlooms

In addition, a postnuptial agreement can address other financial matters, such as debts and how they are handled. It can also stipulate how certain properties would be managed and which spouse is responsible for attorney fees in a divorce.

You own a business 

Are you bringing a business into the marriage? If so, dividing it during divorce could become one of the most contentious issues. This is especially true if the business grew substantially during the marriage. A postnuptial agreement can address this issue by:

• Classifying business assets as separate (rather than marital) property that remains with the original spouse after divorce
• Preventing the disruption of your business during and after the divorce
• Specifying how the business will be managed in the event of divorce
• Protecting the interests of business partners
• Outlining each spouse’s responsibility toward the business
• Reducing the need for costly and protracted litigation

Talk to a Maryland Family Law Attorney Today 

There are several good reasons to consider a postnuptial agreement. Call the Bel Air family lawyers today at Schlaich & Thompson, Chartered and we can begin addressing your concerns right away.