It is common for couples engaged to be married to sort out some of the potential financial questions that might arise should they divorce. Prenuptial agreements can reduce the need for conflict and litigation in the future. However, it is also possible for couples that are already married to reach similar agreements. These are known as postnuptial agreements.
Postnuptial agreements can cover a wide range of potential conflicts, from property division to spousal support. With the help of a dedicated family law attorney, you could ensure that you are treated fairly should your relationship end. A discussion with a Manhattan postnuptial agreements lawyer may help you better understand the process of crafting these agreements.
Understanding Postnuptial Agreements
Like a prenup, a postnuptial agreement allows two spouses to establish how their property would be divided following a divorce. These agreements must be in writing and executed freely by both parties. Both spouses must enter into the agreement voluntarily with a clear understanding of the agreement. This means a postnuptial agreement signed under duress or enacted through fraud is invalid. A spouse that hides assets or makes false statements about the amount of debt they have incurred could also invalidate the agreement. To be official, both spouses must sign the document before a notary public.
These documents can cover an array of financial issues. Typically, a postnuptial agreement sets out how marital property will be divided. This includes the distribution of assets as well as any marital debts. A postnuptial agreement could also set the terms for any spousal support to be paid from one spouse to another. A postnuptial agreements attorney in Manhattan could provide helpful advice on what to include in these documents.
Common Uses for Postnuptial Agreements in Manhattan
For some people, the concept of a postnuptial agreement might seem counterintuitive. While it might seem strange to address these issues after a marriage has already begun, it is helpful to remember that circumstances can change during a marriage. One spouse’s income could increase dramatically, while another could unexpectedly run up significant debt. In the face of these changing circumstances, a postnuptial agreement might be the answer. A Manhattan attorney could assist with creating a postnuptial agreement for any of the following reasons:
Debt Incurred During the Marriage
Many postnuptial agreements are initiated because of debt as opposed to assets. Typically, the debt accumulated during the course of the marriage is the responsibility of both parties. When one spouse incurs substantial debt during a marriage, the other spouse could benefit from a postnuptial agreement that ensures they will not carry any of that debt upon divorce.
Closely Held Companies
Divorce can be detrimental to the success of closely held family businesses. For many small businesses, any attempt to divide or liquidate assets could prove fatal to the company. A postnuptial agreement drafted by an experienced local attorney could protect a family business from these consequences.
Talk to a Manhattan Postnuptial Agreements Attorney Today
A postnuptial agreement might seem unconventional at first, but these arrangements make sense for many married couples. Whether you own a closely held business or have seen your financial circumstances change in recent years, speaking with a Manhattan postnuptial agreements lawyer could be a key step in preserving your future.
Let a skilled attorney help you protect your assets in the face of a future divorce. Call today and schedule a consultation to learn more.