Is it Time for a Post-nuptial Agreement?
There are generally two times in which people consider obtaining a post-nuptial agreement. One is prior to making a large individual purchase during one’s marriage. We often see this when a rental property or vacation home is being purchased by only one party. Another time is when the two parties are in a rough patch of their marriage and want to protect themselves financially going forward.
If you are going to make a large individual purchase and do not have a prenuptial agreement, then the only way to protect that individual asset (i.e. to keep it as an individual asset if you should get divorced) is to obtain a post-nuptial agreement and clearly identify it as individual property. Many people do not consider this and assume that since it was purchased by only one party, that it should belong solely to that party. However, when it is purchased during a marriage, it generally becomes marital property unless there is a prenuptial or post-nuptial agreement indicating otherwise. Even if spouses agree between themselves that if they should ever divorce, a large purchase would belong to the spouse who purchased such, the sentiment of that may change during the divorce proceedings and then the asset would be left unprotected. The same could be said if either party inherits a large sum of money. Even if the inheritance is specifically left to one party, if it is not in a trust and/or it is used for household expenses, added to joint savings, etc., that would also become marital property absent a document directing otherwise.
Some people start considering their assets when they are going through a difficult time in their marriage and that could also prompt the desire, or need, for a post-nuptial agreement. For example, if spouses are contemplating divorce but perhaps engaging in counseling and trying to work through things, a post-nuptial agreement would allow for the parties to delineate which assets were individual and which were marital if the time for divorce should ever arise. Some couples find that this alleviates some pressure in the marriage as it handles some of their financial concerns and often helps spouses to align their financial goals and ideals.
Ultimately, you do not need a specific reason to obtain a post-nuptial agreement. Rather, it is a tool that often enhances the partnership between spouses. It does not have to be used only in contemplation of divorce. These agreements benefit both parties and will protect each spouse’s assets, not just one or the other.
Our firm is here to help make things easier for you, so that you can take back control of your life. Ever argue with a woman? Let Wolf & Shore Law Group go to work for you and help protect your future. If you are thinking about securing a post-nuptial agreement, please contact us today for a confidential consultation. Click here, call us at 203.745.315, or email us at info@wolfandshorelaw.com.