Some couples in Massachusetts and other states have decided that a postnuptial agreement is right for their circumstances. This is a legal contract that is between an individual and their spouse. The purpose of creating this contract is to protect assets that a couple acquires throughout the time that they are married in case they divorce in the future.
A postnuptial agreement share similarities with a prenuptial agreement. Prenuptial agreements are signed before a couple gets married, and postnuptial agreements are signed during the marriage. Signing a postnuptial agreement does not mean that a couple plans to divorce or that their marriage will fail. Some marriage mates have found that it actually adds clarity to their finances.
One circumstance where a postnuptial agreement may be especially helpful is when one partner does not handle money well. First, it can help the couple address the issue and help them to establish a new budget or money routine. Second, it can protect the assets the individual who handles money well has been working hard to attain in case of a divorce in the future.
When couples own a business together, they have the ability to protect the assets of the business by creating a postnuptial agreement. In the agreement, they can decide how ownership of the business will be divided if a divorce occurs. They can also determine how debts and assets will be divided and how the business will be passed on to adult children or a different owner in the future.
Questions may arise as a couple looks at their finances and makes decisions regarding a postnuptial agreement. A lawyer might look out for the best interests of their client and help them draw up an agreement that will protect them in the future. The lawyer may also answer questions that relate to divorce, child custody, asset division and more.