When do You Need a Postnuptial Agreement?
While a prenuptial agreement is entered into before the marriage to protect the financial interests of the soon-to-be spouses, a postnuptial agreement is an agreement between two people who are already married. These agreements are usually entered into after circumstances change during the marriage. Some reasons that may trigger the need for a postnuptial agreement include:
There is family conflict between children and parents
Many marriages involve blended families. A postnuptial agreement can pre-determine your spouse’s share in case of divorce or death. Forming a postnuptial agreement can ensure that your children from a previous relationship receive their intended inheritance.
You own a business
When you got married, you and your spouse may have worked for employers. Now, one or both of you may be entrepreneurs with your own business. A postnuptial agreement can protect income and assets that the business earns during the marriage. This agreement may state that your spouse does not have a financial interest in the business so that your spouse does not receive a share of it during a divorce in the future.
You received an inheritance
While New Jersey law typically considers an inheritance separate property that is not subject to division during divorce, a postnuptial agreement can make this information clear and prevent the inheritance from becoming comingled with marital property.
Your spouse is irresponsible with money
You and your spouse may not have had a good idea about how the other managed money until you are actually married. If your spouse overspends, takes on unnecessary debt or is otherwise irresponsible with money, you might want to protect your financial interests with a postnuptial agreement.
Other concerns that may make you consider getting a prenuptial agreement is if your spouse:
- Has a gambling problem
- Has a drug or alcohol addiction
- Engages in illegal activity
- Has illicit affairs
Postnuptial agreements may include spending limits or contractual provisions regarding these types of behaviors.
You want clarity
A postnuptial agreement can define things, such as your property, your spouse’s property, financial responsibilities you each will have or rights to manage property. A postnuptial agreement can also help establish a plan for a worst-case scenario while the marriage is going well.
You did not like the idea of a prenuptial agreement
You and your fiancée may have frowned upon the idea of entering into a separate contract before your marriage. You might have wanted to focus on wedding planning and the joyous feelings around your matrimony. Once you have become comfortable with your marital routine, you may reconsider the practicality of a postnuptial agreement and decide to get one.
Contact a knowledgeable Freehold family lawyer for help with your postnuptial agreement
If you are contemplating a postnuptial agreement, it is important that you have the assistance of a knowledgeable New Jersey family lawyer. You and your spouse should have separate attorneys to An experienced family law attorney at Lomurro Law can discuss your rights and goals during a confidential consultation. You can reach us by calling 732-414-0300 or filling out the online contact form.