Marriage is a beautiful union, but it does not come without complications. If either you or your spouse brings significant assets into the marriage, things can get tricky fast. Perhaps you thought about signing a prenuptial agreement but did not follow through. Now that you tied the knot, you are wondering what will happen in the event of a divorce.
You might consider a postnuptial agreement to determine asset division and how to handle money during the marriage. Keep reading for some reasons you might want to pursue a postnuptial agreement.
1. There are valuable assets involved
Perhaps you or your spouse brought a significant estate or an expectation of future assets from an inheritance. Whatever the case is, this property or cash could be at risk should you two ever split up. A postnuptial agreement can give you both peace of mind that you do not have to sacrifice significant assets if things go sour down the road.
2. There are children from a previous marriage
Asset division can be difficult with co-mingled families. If you make a postnuptial agreement, you can determine what your spouse will receive from your estate should you die or ever divorce. This helps you ensure your kids get the inheritance according to your wishes.
3. You have a successful business
Any income or assets you earn from your company during the marriage could be at stake during a divorce. If you own your own business and it is profitable, you should consider a postnuptial agreement to secure your earnings. Without such an agreement in place, your spouse could receive a percentage of the business earnings during a divorce.
A postnuptial agreement may not be the most romantic thing to pursue, but sometimes it is necessary for peace of mind. Real people bring important assets into marriages, and you should not feel ashamed of wanting to protect them. Read more about postnuptial agreements in this ABC News article.