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What is a postnuptial agreement and why do you need one?

On Behalf of | Sep 4, 2019 | Family Law

Few newlyweds exchange their vows with the expectation that their marriage will end in divorce. The start of the marriage is one of the high points in the union but at some point, life will test your relationship. While no one plans to get divorced, it’s no longer an uncommon event.

There are many reasons and ways that people choose to protect themselves from divorce. Some people will enter into a prenuptial agreement before the marriage, but postnuptial agreements also exists for the same purpose.

Its okay to have a rainy-day plan

By joining into a postnuptial agreement with your spouse, you aren’t saying that you expect to get a divorce. Rather, a postnuptial agreement is a great tool in the event of a worst-case scenario like divorce or separation. There are several other reasons people decide to enter into these agreements including:

  • Your relationship is in a happy place. Marriages sometimes end in bitterness and resentment. Do you want or want your spouse to be negotiating from a place of anger? Probably not. By planning at the happiest time of the marriage, the beginning, you and your spouse can create a fairer division of assets and property than you would have by waiting until serving divorce papers.
  • You have your own significant assets. If you’re a business owner or could possibly receive a large inheritance while married, your spouse could receive a portion of one or both in divorce proceedings. These are both reasons for people to enter into a postnuptial agreement.
  • You or your spouse have children from a previous marriage. More than have of divorcees will eventually remarry. Unfortunately, divorce rates for second marriages are as high as 80 percent. If you have children from a previous marriage and want to ensure they receive their inheritance, a postnuptial agreement is a great way to do this.

In states like Kentucky, a person’s spouse typically receives a large share of a person’s estate if they pass. If you wish for your children to inherit certain assets, a postnuptial agreement can help.

Dont be afraid of the postnuptial agreement

Bringing up the idea of a postnuptial agreement to your spouse may be an unnerving thought, but such agreements pose many benefits to both of you. You may never need it, but wouldn’t it be better to have it and not need it instead of the opposite?