Although you likely have heard of a prenuptial, a postnuptial may be an unfamiliar concept. After a wedding, sometimes spouses consider making an agreement for their personal possessions and assets.
A postnuptial agreement is typically a plan for dividing assets. You agree and write it up during the marriage, instead of before the marriage. Doing this also helps to establish a plan for how to handle retirement funds or inheritances. Estate planning is another aspect that most couples usually discuss, so that each spouse is aware of what will happen after one of them passes on. Putting certain protections in place for usages of money may also make it easier to navigate dividing assets. A professional usually helps you organize and plan during this process because of the level of neutrality needed to fairly assess the situation.
According to The Harbor Group, you should also consider businesses that both parties had contributed to together as an important topic to discuss with your spouse. Since a profitable business can grow faster than anticipated, having a plan in place for dividing assets can be helpful for peace of mind. Once the business is properly evaluated for its profit, then the professional can move onto the couple’s plan in case of a divorce. Additionally, during the evaluation of your debts, you should come up with a solution for the repayment.
Anyone considering a postnuptial should inform themselves about the steps that are important to take in order to start the process. This information is provided for educational purposes, and should not be interpreted as legal advice.