Though you’ve likely heard of a prenuptial agreement, a document both partners sign before marriage, you may not know you can create a postnuptial agreement. These documents are rising in popularity, and for good reason. Ensuring your finances are protected is crucial to a happy marriage and peace of mind. Should you get divorced, you know the exact terms in which the separation will follow. If you’re unsure how to set up a postnup, a Suffolk County prenuptial agreement lawyer can help you navigate marital contracts.
What Is a Postnuptial Agreement?
A postnuptial agreement is a legal contract created by the spouses after they’re legally married. This document outlines who will receive which assets in the event of a divorce. You can also define the terms of what would happen to marital property in the event that one spouse passes away.
Another benefit to postnups is that you can avoid the lengthy courtroom battles many divorcing couples endure, as you have already agreed to the terms of your divorce.
What Do They Protect?
Many think that postnuptial agreements are only for the wealthy. However, they are beneficial to all parties involved.
For example, stay-at-home parents can benefit from these documents as they help ensure the dependant spouse is taken care of during the divorce. This is due to the fact that many parents leave the workforce, and thus, no longer have their own income.
Postnups can also help one spouse avoid the debts caused by another. If one partner enters the marriage with debt, outlining that they do not expect their spouse to help pay those debts off should they divorce is essential. However, an accrued debt like mortgages or child care that benefits both spouses may be shared during a divorce.
How Do I Create One?
If you’re ready to set up a postnuptial agreement, there are a few steps you will need to take. They include the following:
- Both parties must list their individual and shared assets, debts, property, and income
- The document must detail how they plan to divide and share assets and debt
- Both parties must agree on the terms of the document
- The stipulations of the contract must be fair and balanced
- The postnuptial agreement must be in writing and notarized
Once these steps are completed, the document will become valid. This means that your postnup is enforceable in New York, assuming it follows the state law.
If you’re ready to set up a postnuptial agreement to ensure you and your spouse are protected in the event you get divorced, we can help. At Peter V. Mandi & Associates, we’re dedicated to helping you understand the details of your contract before signing any legally binding documents. Don’t wait to give us a call.
