What Benefits Can a Postnuptial Agreement Provide for Married Couples?

While most married couples do not want to think about the possibility of divorce, it can be a good idea to consider what could potentially happen if a marriage should end in the future. Making decisions about divorce-related matters ahead of time can help couples avoid conflict, and it may even help a couple avoid divorce altogether, since they will understand how they will be affected if they do choose to end their marriage. A couple can use a postnuptial agreement to make these types of decisions.

A postnuptial agreement, which is also known as a postmarital contract, is a legally binding document created by a husband and wife after they are married. A postnuptial agreement is similar to a prenuptial agreement in that it sets forth each spouse’s rights and obligations with respect to property, debts, spousal support, and related issues in the event of divorce or death.

Benefits of Postnuptial Agreements

Postnuptial agreements can provide numerous benefits for married couples, both during the marriage and in the event of a divorce. Some of these benefits include:

• Clarity on financial matters – One of the main benefits of a postnuptial agreement is that it can provide married couples with a better understanding of the financial issues that may affect them. Often, marriages end because of disagreements about money. A postnuptial agreement can help avoid potential conflict by clearly outlining each spouse’s rights and obligations regarding property, debt, and income.

• Protecting assets – A postnuptial agreement can help spouses protect their assets and determine who will be responsible for certain liabilities in the event of divorce or death. For example, if one spouse owns a business, they may want to protect their interests in the business by creating a postnuptial agreement that states that they will continue to be the sole owner of the business in the event of a divorce.

• Sense of security – Knowing that there is an agreement in place can give married couples peace of mind that various financial issues will be addressed correctly in the future. By making decisions about property ownership and debt allocation ahead of time, spouses can make sure their interests will be protected if they choose to divorce.

• Avoidance of conflict – Postnuptial agreements can also help minimize potential conflict between spouses by clearly defining each spouse’s rights and obligations. If there is ever a disagreement about financial matters, the postnuptial agreement can serve as a roadmap for resolving the issue. By having an agreement in place, spouses can avoid disputes and focus on more important matters, such as their relationship.

• Cost-effective resolution – If disagreements about money should arise in the future, the postnuptial agreement can serve as a blueprint for resolving these issues without incurring the costs associated with divorce litigation.

Contact Our Rockland County Postnuptial Agreement Lawyer

Postnuptial agreements are not just for protection in case of divorce; they can also offer many benefits to married couples who want to gain clarity on financial matters or create a sense of security about property ownership during their marriage. If you are considering entering into a postnuptial agreement, it is important to consult with an experienced Hudson Valley family law attorney who can explain the benefits and risks associated with these contracts. Contact Law Offices of Robert S. Lewis, P.C. today at 845-358-7100 to arrange a free consultation and learn how we can help you protect your financial future.

Source:

https://www.nysenate.gov/legislation/laws/DOM/236