Many couples draft prenuptial agreements before they are married to determine child custody, protect each party’s income and assets, and determine each partner’s values going into the marriage. Postnuptial agreements are similar to these prenuptial ones and achieve many of the same goals, but are less commonly known and are drafted once the marriage has already begun. Like prenups, postnuptial agreements serve to sort out complicated finances, assets, income, future plans concerning children, and other responsibilities. Other legal technicalities, such as power of attorney, wills, and estate planning, are also planned for in a postnuptial agreement. These agreements can even save marriages by allowing couples to effectively communicate important marital decisions and make important plans for the future. A few of the many reasons you should also get a postnuptial agreement are listed below.
1.- Uncomplicate issues with debt. Debt can cause a lot of marital issues and stress for both parties in a marriage. Postnuptial agreements can alleviate much of this stress by determining exactly who is responsible for paying off which debts. Debt may be in both your names or under a single name, and determining this distinction can clarify a lot of financial issues. You may also discuss how the debt is going to be repaid and if there is a certain repayment schedule for this debt.
2- Determine marital preferences for the future. A postnuptial agreement is a great way of discussing what is important in the marriage and solidifying plans for the future, financial or otherwise. This may involve discussing retirement plans, setting aside money for a child’s future education, or saving up to buy a house. Regardless of the specifics of your plan, it is important for you and your spouse to be on the same page about these important marital decisions.
3.- Create protections in the event of the illness or death of one spouse. In a postnuptial agreement, you may also determine what happens in the event one spouse becomes ill or dies, and what protections should be in place for the other spouse and any children. Health care insurance, power of attorney, updated wills, life insurance, and estate planning may all come up in the drafting of a postnup agreement.
Postnuptial agreements can save marriages by simplifying financial and legal complexities that create stress in marriages. If you and your spouse are considering drafting a postnuptial agreement, you should each have experienced legal counsel on your side, and the qualified attorneys here at Kirker Davis LLP are here to help you every step of the way. If you have any questions or would like to set up an appointment with one of our experienced Austin postnuptial agreement attorneys, please contact us at (512) 598-0010 today.