Do You Need A Prenup? How About A Postnup?
I handle the drafting of prenuptial agreements all the time. With money often being the biggest sticking point in a marriage, formalizing the arrangement of financial obligations to the marriage can remove a lot of the stress. Whereas prenups must be done before the happy couple walks down the aisle or stands before a justice of the peace, a postnuptial agreement is done after the wedding day but before filing for divorce.
Either way, it gives the couple the power to determine what is marital property or what would happen to their assets if they decide to file to terminate their marriage. With couples here in Garden City and greater New York City busier than ever, I and other lawyers are drawing up more postnup agreements than ever because the couple just didn’t have the time beforehand.
What Is The Purpose Of A Postnup?
A postnup is similar to a prenup in a variety of ways in that both formalize the financial foundation of a couple. But the timing of a postnup provides certain benefits to those who choose to have an attorney like me draft one that is concise and binding. These contracts can provide peace of mind for the following reasons:
- It can remove financial stress from a marriage and allow them to focus on other things.
- It can provide the groundwork for how to manage estate administration or probate.
- It can specify that student loans or other debts accrued by husband or wife are not the obligations of both of them.
- It can determine who gets what asset if the couple chooses to divorce or formally separate.
- It can address financial issues that present themselves as the marriage evolves over time.