Couples May Find Security in Postnuptial Agreements

 Posted on April 07, 2015 in Prenuptial Agreement

Despite the immeasurable amounts of research and advice available to married couples, financial issues continue to be among the leading causes for divorce in the United States. In fact, some experts estimate that nearly half of all American divorces are directly related to financial priorities and disagreements. Many couples looking to be proactive about money matters may decide to negotiate a prenuptial agreement prior to their marriage. Others, however, may not realize the need for such arrangements until well after their wedding day. For these situations, a postnuptial agreement may be the solution.

Recognizing the Need

Postnuptial agreements are often initiated by couples who are beginning to see signs of financial concerns but are dedicated to salvaging their relationship. Such concerns may be triggered by the success of failure of a business venture, health-related issues, or the advancement in age of both spouses, among many other factors. While being objective about family matters and the future may be difficult, doing so jointly and effectively can help unite a couple in their efforts to strengthen their marriage.

Issues Common to Postnuptial Agreement

Couples who have remarried or with children from a previous relationship can be particularly aided by postnuptial agreements, especially in the absence of prenuptial agreements. Regardless, many postnuptial agreements are likely to address similar considerations including, but not limited to:

• Property or assets held jointly and/or individually;
• Responsibility for individual and/or joint debt;
• Allocations of earnings for spending and saving;
• Impact of a business, and the expected role of each spouse;
• Providing for children of a previous relationship;
• Financial goals, plans, and strategies;
• Health and life insurance;
• Estate planning and end-of-life protections.

Of course, a worthwhile postnuptial agreement will take into account the specific circumstances of the couple’s situation. This allows the agreement to meet a couples needs while addressing their financial concerns in a concise, organized manner. By thoroughly addressing issued in postnuptial agreements, many couples are able to move forward with a renewed sense of security in their marriage and investment in their future.

If you and your spouse have recognized the need to take action regarding financial issues in your marriage, a qualified lawyer can help understand the benefits a postnuptial agreement may offer. Contact an experienced family law attorney in Lombard today to schedule a consultation.