Deciding To Split

Posted on: 11 August 2018

If you found yourself just too busy before your marriage to see an attorney for a prenuptial agreement, you may get another opportunity to do something very similar. Post-marital agreements are a fairly new way to address financial issues even if you've already said your vows. Read on to learn more.

What is the purpose of a post-marital agreement?

If you and your spouse already have a prenuptial agreement in place you may still benefit from taking another look at solidifying your financial plans and goals. Just like a prenuptial agreement, a post-marital agreement addresses financial issues that have cropped up since the date of the marriage and serve as a second chance for those that never got around to having a prenuptial agreement. These agreements are legally enforceable as long as you stick to pertinent subjects. Consider how beneficial it might be to address some of the following common financial issues after being married for a while.

Dollars and Cents: When couples disagree it's often about money, and the creation of this agreement is a great way to resolve issues and get them down on paper. Almost any financial issue that concerns bills, budgeting, spending, saving goals, and more can be sorted with a post-marital agreement. If you failed to complete a prenuptial, you should take this opportunity to make a listing of the property you and your spouse brought with you into the marriage in addition to the debts that existed when you were a singleton.

Businesses: When the couple owns a business either jointly or singly, plans should be made with an eye toward worst-case scenarios. A business can endure a lot of damage if plans are not made to address what happens in the event of a death. A post-marital agreement can help couples ensure the continuation of their business plans and goals no matter what happens.

Keep these points in mind:

1. Avoid using the same lawyer for both parties. You can keep the agreement aboveboard and ethical by consulting with separate attorneys before you sign anything.

2. Full and honest disclosure is called for when listing financial obligations.

3. Both spouses must agree to all provisions and the agreement must be signed, notarized, and filed with the court to be binding.

4. An agreement that includes provisions dealing with minor children, such as custody and child support, should be left out of this agreement. State law supersedes any provisions made in advance unless it's a separation or divorce settlement.

Speak with your family law attorney for more information about making your own post-marital agreement.