Why Should I Get A Postnuptial Agreement?
Postnuptial agreements are like prenuptial agreements (or prenups) that are negotiated after you are married. There are several important reasons why you’ll want to consider one. In this article, the Bel Air, MD, family law attorneys at Schlaich & Thompson, Chartered will discuss several good reasons to consider a postnuptial agreement.
Clarifying financial expectations
Postnuptial agreements have one significant advantage over prenups: Postnuptial agreements can be entered into at a time when the spouses have more knowledge of their marital finances. They might be better informed about their financial needs than they were before the marriage. Postnuptial agreements can be used to help spouses clarify their financial expectations, reduce misunderstandings, and encourage them to have an open discussion about money.
You recently received an inheritance
Have you recently received a large, unexpected inheritance? If so, it’s vital to take necessary measures to protect it. Generally speaking, inheritances are protected from equitable distribution during a divorce. However, sometimes, they can become commingled with marital property. This complicates asset division significantly. If you want to protect your inheritance in the case of divorce, then a postnuptial agreement will help you do that.
You brought significant assets into the marriage
If you either entered the marriage with significant assets or acquired them during your marriage, a postnuptial agreement can help you protect your wealth in case you divorce. This would ensure that both spouses keep their individual wealth intact.
Postnups can address a wide array of assets and property, including:
- Real estate
- Retirement funds
- Investment properties
- Personal property
- Investment portfolios
- Vehicles
- Family heirlooms
- Artwork
- Jewelry
Postnups can be used to address several other financial matters as well, such as debts accumulated during the marriage. The postnup could specify how these debts are handled and who they belong to.
You own a business
If you started a business on your own, splitting it in half during the divorce can be extremely painful. Your business is vulnerable even if you began it before the marriage took place. If the business accrued substantial value during the marriage, then the value it appreciated could be considered marital property. A postnuptial agreement can protect your business from being carved up in the divorce. A postnup can:
- Classify business assets as separate property that remain with the original owner (you) following your divorce
- Prevent disruption of your business after divorce
- Specify how the business will be managed
- Protect the interests of your business partners
- Outline each spouse’s obligations toward the business
- Reduce the potential for lengthy and costly litigation
With a prenup in place, you can continue to focus your efforts on your company’s growth without concern that the divorce proceedings could interfere. Additionally, it can also show lenders that your company is stable.
Talk to a Bel Air, MD, Family Law Attorney Today
Schlaich & Thompson, Chartered, represent the interests of Bel Air, MD, residents who are thinking about drafting a postnuptial or prenuptial agreement. Call our Bel Air divorce lawyers today to schedule an appointment, and we can begin discussing your next steps right away.
