If you considered a prenuptial agreement but ultimately decided against it, you might now be concerned about how to safeguard your hard-earned assets in the event of a divorce. Fortunately, you still have the opportunity to create a postnuptial agreement. Please continue reading to discover the benefits of this legal instrument and how an experienced Suffolk County Prenuptial Agreement Attorney can help you draft a document that meets your unique needs.  

What is a Postnuptial Agreement?

If you’ve already tied the knot, you may wonder what you can do if you failed to execute a prenuptial agreement. Generally, if both parties are willing, they can draft a postnuptial agreement. This is a legally binding contract that outlines how assets, debts, and financial responsibilities will be handled in the event of divorce, separation, or death. While it functions in a comparable manner to a prenuptial agreement, the primary distinction is that this document is signed once the couple is already married. 

For a prenuptial agreement to be enforceable in court, it must be entered into voluntarily, with complete financial transparency by both parties, and it must be fair. It should be noted that, despite allowing you to define ownership of assets, shield against a spouse’s debt, or manage changes in financial circumstances, a postnuptial agreement cannot include child custody or support provisions. The court retains the final authority to determine an appropriate arrangement based on the best interests of the child. 

Who Should Create One?

It’s a common misconception that only wealthy couples can benefit from creating a postnuptial agreement. In reality, they are ideal for any couple that wants to secure their financial future. Key candidates for a postnuptial agreement include: 

  • Those with Changing Financial Circumstances: Couples who have experienced a major shift in their earnings, inherited significant wealth, or obtained valuable assets during their union. 
  • Business Owners: Entrepreneurs who start a company while married and want to ensure it remains separate property during equitable distribution. 
  • Those Facing Marital Issues: Couples who wish to settle financial disagreements or gain stability, often as a way to prevent divorce by defining financial boundaries. 
  • Those with Significant Debt: Couples who want to shield themselves from their partner’s debts or to define how marital debt will be managed. 
  • Those in Second Marriages: Individuals with children from a prior relationship who want to safeguard assets for them. 

As you can see, it’s never too late to safeguard your interests. If you’re considering creating a postnuptial agreement, please don’t hesitate to contact an attorney at The Law Offices of Susan A. Kassel, PC. Connect with our firm today to schedule a consultation.