In today’s rapidly changing world, couples are increasingly turning to legal instruments like postnuptial agreements to safeguard their interests and protect their assets. But what exactly is a postnuptial agreement, and why might you consider entering into one?
Defining Postnuptial Agreements
A postnuptial agreement is a legal contract entered into by spouses after they are married. Similar to a prenuptial agreement, which is drafted before marriage, a postnuptial agreement outlines the division of assets, finances, and other considerations in the event of divorce or death. It can cover a wide range of issues, including property division, spousal support, and even matters related to children.
Why Consider a Postnuptial Agreement?
- Clarifying Financial Expectations – Entering into a postnuptial agreement can provide clarity and transparency regarding each spouse’s financial rights and responsibilities. It allows couples to openly discuss their assets, debts, and financial goals, helping to avoid misunderstandings or disputes down the road.
- Protecting Assets – For individuals with significant assets or businesses, a postnuptial agreement can serve as a valuable tool for asset protection. By clearly defining separate and marital property, spouses can safeguard their premarital assets and ensure they remain untouched in the event of divorce.
- Addressing Changes in Circumstances – Life is unpredictable, and circumstances can change after marriage. A postnuptial agreement allows couples to address new developments such as career changes, inheritances, or the birth of children, ensuring that their financial arrangements remain fair and equitable.
- Strengthening the Marriage – Contrary to popular belief, discussing a postnuptial agreement doesn’t have to be a sign of trouble in the marriage. In fact, many couples find that the process of creating a postnuptial agreement strengthens their relationship by fostering open communication and trust.
While discussing a postnuptial agreement may not be the most romantic conversation to have with your spouse, it can be a practical and prudent step to take to protect your interests and secure your financial future. Whether you’re seeking to clarify financial expectations, protect assets, or adapt to changes in circumstances, a postnuptial agreement can provide peace of mind and help ensure a more secure tomorrow for you and your spouse.
Contact Jacobson Family Law to schedule your consultation with one of our Maryland estate planning attorneys today at 443-741-1147 or by scheduling a consultation online.
