A Second Chance: Postnuptial Agreements

While most people are familiar with the term prenuptial agreements, there is an agreement that's just perfect for those who wish to make some adjustments to that agreement. Once you are married you can take legal action to further solidify you and your spouse's financial arrangements, so read on for more information about this type of marital agreement.

Why a postnuptial agreement?

A prenuptial agreement cannot be altered once you've been married, so this type of agreement seeks to help married couples deal with issues that may not have been dealt with in the original agreement. As a reminder, a prenuptial agreement focuses on financial matters like property, debt, budgeting, saving plans and more. Having made the prenup, however, may only be the initial action when you consider how quickly things can change.

What goes into a postnuptial agreement?

No matter how complete you try to make the prenup there are inevitably issues that failed to get addressed or that need amending. You will need to start fresh with this new agreement since you cannot amend a prenup, however. Beyond those adjustments are the myriad of ways that a growing and changing life experiences as time goes on. Take a look at just a few of those changes that signal the need for a postnuptial agreement.

1. Bequeaths: While estate plans are meant to cover matters of property inheritances, you can use this type of agreement to further cement such an agreement in the instance of a contest against the will. For example, in most cases a surviving spouse can inherit any property left to their spouse but if one of your children should pass away before you do and you don't care for the spouse of that offspring then you can make other arrangements.

2. Business Affairs: You may want to form an unbreakable line between your personal life and your business and add strength to any business partnerships by making it clear how a divorce or death would not negatively affect the business.

3. Budget Adjustments: As your life changes you can make changes to your budget as well.

What else to know about your postnuptial agreement

1. Each state views these agreements differently with most following family law guidelines. There are, however, the potential for contract law to be used to enforce this kind of agreement.

2. The agreement must be fair and both spouses should use a different lawyer when forming it.

3. The agreement is built on the premise of full disclosure of all financial dealings.

4. It must be signed by both parties.

5. Adding in provisions that deal with minor children are to be avoided since states prefer to make those types of decisions themselves. That means no provisions for child custody, child support or visitation. You can, however, include things like financial arrangements for the child's education.

Contact offices like Assiniboia Law Offices to learn more.

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