Many New Yorkers have heard of prenuptial agreements, but what about couples who have different legal needs after tying the knot? Couples can seek postnuptial agreements after getting married. These agreements help with property division during divorce.
Postnuptial agreements are helpful for parents who decide to stay at home with children. Financial issues often cause marital strife. That can easily translate into your divorce. You may not have thought about the possibility of divorce, but about half of U.S. marriages end this way. Stay-at-home parents should think about their potential post-divorce financial picture.
Parents who are out of the workforce for a long time may not be able to find work. This could be problematic after a divorce. Experts say it is unlikely that parents will regain their professional ‘momentum’ if they have stayed at home for a while. This is a serious financial risk and potential sacrifice.
To avoid long-term damage in case of a divorce, consider a postnuptial agreement. These documents are similar to a prenuptial agreement, but they are signed after marriage. Postnups can help couples approach divorce like a business. Both spouses can agree to fair property division before a divorce. Experts say that postnuptial agreements may actually strengthen a marriage. It is always wise to discuss family finances together.
Parents who decide to stay at home deserve to have their rights protected in divorce court. These spouses may benefit from the assistance of a divorce attorney. Such professionals can draft postnuptial agreements. With the help of a postnup, marital property can be fairly distributed based on an agreed-upon arrangement. This property can include retirement accounts, bank accounts and business assets, among others.
Source: Forbes, “Why You Need A Postnup And Other Points To Consider Before Leaving Your Paid Job To Be A Stay-At-Home Mom” Jeff Landers, Jan. 22, 2014