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Do you need a postnuptial agreement?

On Behalf of | Jan 7, 2020 | Family Law |

In New York, prenuptial agreements between spouses are common. This is a great way to protect your assets and wealth. However, postnuptial agreements may also be an option for you. 

A postnuptial agreement, as explained by FindLaw, differs from a prenuptial agreement because you enter it once you are already married. Often, couples enter into a prenuptial agreement before marriage so that the couple can protect their business or other assets in the case of a split. Additionally, the individuals protect themselves from undertaking the other person’s debts. A postnuptial agreement will also address these issues. 

There are a couple of reasons that you may consider a postnup. In some cases, you may have a prenuptial agreement already. You enter into a prenuptial agreement in the beginning, but then decide after the marriage that you want new terms. 

Another common reason that you may consider this type of agreement is if you think you may separate soon. To have a postnuptial agreement can streamline the process. You can incorporate it into the divorce decree and it essentially takes care of property division and other issues. 

As with prenuptial agreements, postnuptial agreements can deal with the concept of debt. Say that your spouse has not made very wise financial decisions and instead racked up considerable debt in his or her name. You do not want this debt to ruin your credit score or infringe upon your future finances. A postnuptial agreement can provide you with a means to eliminate that debt from your obligations.