Matrimonial and Family Law Blog

Monday, April 30, 2018

Seven Reasons You Should Have a Postnup

If you did not enter into a prenup or pre-marital agreement, it is not too late for you to protect yourself, your children, and your assets. Couples who are already married may enter into a postnup or post-nuptial agreement. A post-marital agreement can serve the same purposes as a pre-marital agreement. Our New York marital agreement lawyers can help you explore your options for a postnup.

In reviewing your situation, we will discuss many of the reasons for a postnup. Below are seven of the most common reasons why people decide to engage a New York marital agreement attorney to discuss post-nuptial agreements.

7 Reasons Why You Should Consider a Postnup Agreement

Some of the reasons why you need a post-nuptial agreement include:

  • Property Division — A postnup can dictate which spouse retains certain property in a divorce. The agreement can also dictate how marital property will be divided in a divorce action.

  • Alimony or Spousal Support — A post-marital agreement can dictate when alimony or spousal support will be paid, the amount to be paid, and the length of the support payments. Many couples use a postnup to limit alimony or exclude alimony in the case of marital misconduct (i.e. abuse, infidelity, etc.).

  • Marital Debts — The debts you accumulate during your marriage can follow you after a divorce. Even though a creditor is not required to release you from a joint debt based on your postnup agreement, you can insert language for your spouse to hold you harmless and reimburse you for certain marital debts if he or she does not pay them after a divorce.

  • Division of Property After Death — You need a comprehensive estate plan to ensure your wishes are carried out upon your death. However, your postnup can reinforce your decisions about the division of property upon the death of either spouse. It can also help protect property from another spouse or that spouse’s family.

  • The Marital Residence — A post-marital agreement can also dictate who will remain in the marital home in the event of a separation or divorce. In addition, couples who own multiple pieces of real estate can use the agreement to dictate who will have possession and ownership of each piece of real estate if the separate or dissolve their marriage.

  • Retirement Accounts — Having sufficient funds in a retirement account is very important, especially if you and your spouse divorce close to the date you wish to retire. Splitting your retirement account with your spouse could result in the need to work past your date of retirement, or you might not have sufficient funds to support yourself through your retirement years. A postnup can determine how retirement accounts will be allocated in a divorce.

  • Legal Fees — In the event of a complicated divorce proceeding, the legal fees and costs of litigation could be substantial. In a post-marital agreement, the parties can dictate who will be responsible for the payment of attorney fees in the event of a divorce. Parties may want to stipulate that each party must pay their own attorney fees except in the case of marital misconduct.

You Need Assistance from an Experienced New York Marital Agreement Attorney

Several legal elements are required to ensure that a postnup is enforceable in court. If the agreement is not drafted and executed by an experienced marital agreement attorney, you may find too late that the agreement does not offer you the protection that you need. Therefore, if you are considering a postnup, it is important to consult with our New York marital agreement attorney before taking any action. Contact us to set up a free consultation to talk through your postnuptial agreement today.

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