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(833) 553-4251
(833) 553-4251 Schedule a Meeting 
(833) 553-4251
(833) 553-4251 
Schedule a Meeting (833) 553-4251
(833) 553-4251 (833) 553-4251 (833) 553-4251 
Marriage is a constantly evolving relationship. As much as it endows one’s life with its share of rejoicings, it tests life as one crosses various milestones. Circumstances can considerably fluctuate throughout a lifetime: financial dynamics, career shifts, family growth, and the unexpected. While premarital (prenuptial) agreements are commonly discussed before marriage, most couples do not realize what benefits a postmarital (postnuptial) agreement has in strengthening their relationship.
The concept behind postmarital agreements is not just limited to asset protection; rather, it’s also a means to develop better communication and set well-framed expectations in marriage for assurance of security in the relationship. In this blog, we will talk about what a postmarital agreement is, why it’s increasing in popularity, and how it will actually help in solidifying and strengthening your marriage.
A post-marital agreement, popularly known as a postnuptial agreement, is an agreement between spouses in writing that is entered into by the spouses after they are already married. In essence, this is identical to a pre-nuptial agreement; the distribution of assets, responsibilities, and financial arrangements will be apportioned in an instance of separation, divorce, and death. However, in contrast with pre-nuptials, post-nuptial agreements document post-marriage agreements.
Post-marital agreements can take upon virtually any subject matter, including:
It is not about planning for the end of the marriage, per se. It is about planning for whatever the future may bring. Here is why most couples would consider a postnuptial agreement?
Life is marked by ups and downs when it comes to finances. Be it through sudden inheritance, a venture one has put up that has paid off, or financial ruin, a postnuptial agreement can spell out how such changes in fortune are to be handled within the marriage.
The postnuptial agreement may also address any new business or purchase in a company that one of the spouses initiates or acquires during the marriage, ensuring that such a business remains separate property and, therefore, should not be divided in the event of divorce.
One partner could bring significant debt into the marriage, or debt should accumulate during the marriage. A postnuptial agreement can certainly outline who is responsible for specific debts, thereby protecting the financial futures of both partners.
Partners with children from previous marriages use postmarital agreements to ensure that inheritance and estate plans are clearly defined in such a way as to protect the interests of the children and other family members.
Surprisingly, creating a postmarital agreement can sometimes improve communication and trust in a marriage since it calls for honest discussions over finances, responsibilities, and future goals, thereby actually strengthening the partnership.
Perhaps the most important benefit of a postnuptial agreement is that it opens the avenue of communication between spouses. Discussing finances, assets, and expectations can be daunting; however, having these types of conversations is imperative in a healthy marriage. A postnuptial agreement simply forces these types of conversations onto the table, which most couples avoid, thus creating even greater understanding of what each other needs and wants.
Most often, marriages contain unspoken expectations and misunderstandings, particularly regarding finances. Little is left unwritten in a postmarital agreement. It clearly details guidelines on the basis of how assets will be handled, what happens to the debts, and what happens if scenarios go different ways, creating a map to follow. It reduces financial stress.
Financial problems are one of the main reasons marriages fail. A postnuptial agreement can reduce a lot of stress because it categorically defines the financial obligations of the parties and provides some form of security for both spouses. It will eliminate arguments when both spouses know what to expect and when they have agreed upon all financial issues, therefore giving them that feeling of being a team.
Sometimes, marriages include one partner who is financially more vulnerable than the other, such as a spouse who has given up their career in raising children or in support of their partner’s professional ambitions. A post-marital agreement would bring peace of mind to a spouse in such situations, knowing full well that his or her contributions have been recognized and covered under the agreement.
With every passing day, the dynamics of a marriage also change. A postnuptial agreement allows the couples to take care of these changes in an proactive manner. Whether it is about a change in career, shifting to some other location, or health problems, having this agreement makes it easier to transition by allowing both spouses to consider a mutual approach.
It might provide both parties with a sense of security, knowing that something is already set in motion. It’s not really planning for divorce, but being prepared for anything. The security can lend to the stability in the marriage, allowing couples the opportunity to secure their relationship rather than stressing over a possible conflict.
A properly drafted postnuptial agreement embodies equity and concern for the parties. It protects the parties from either of the spouses being at a weaker position and hence promotes equality between spouses.
Equity is the basis of mutual respect and thus ultimately strengthens the relationship between husband and wife.
Every postmarital agreement must be customized to suit the needs of the parties involved in it. Following are some of the most common components included in a postmarital agreement:
Outline what is marital property and what is separate property. Describe how assets accumulated during the marriage will be divided.
Clearly spell out who is responsible for existing debts and any debts accumulated during the marriage
Include conditions for spousal support or alimony with descriptions of terms and conditions.
Define how business interests are to be treated, especially if one spouse is already a business owner or starts up a new business during the course of the marriage.
Include provisions that address inheritance rights, particularly when children are from different relationships.
Outline how disputes over the agreement will be resolved, whether through mediation, arbitration, or another method.
Pre-drafting an agreement, have an open discussion with your spouse about reasons why you would want to do a postnuptial agreement. Make sure both partners understand the purpose of the agreement and how it can benefit the marriage.
Each spouse should have an independent attorney in view to make sure their interests are well represented. The lawyer will be able to draft a fair, legally sound agreement that is enforceable.
Write down a detailed account of all assets, debts, and financial obligations. Transparency is key to make the agreement candid to the actual financial situation.
Negotiations are to be fairly done and with respect to your partner. Both partners should be comfortable with the terms. Neither of the partners should feel threatened or forced to sign it.
Work with your lawyers to draft the agreement. Make sure the agreement includes all of the necessary elements and that the language used is clear and free of ambiguity.
Go through the agreement in as much detail as possible. Make changes where needed and make sure both partners understand the terms of the agreement.
Once both parties are satisfied with the agreement, it should be signed in front of witnesses and, if required, notarized to ensure its legal validity.
“Postnuptial Agreements Are for the Rich and Mega-Rich Only.”
While traditionally, postnuptial agreements have had a connotation of wealth, couples across the spectrum find them quite helpful. They provide clarity and protection regardless of whether your assets were small or large.
“Signing a Postnuptial Agreement Means We Don’t Trust Each Other.”
On the contrary, making an agreement is a sign of trust because it means both spouses are willing to be open and communicate about their issues. Building trust, not breaking it, is what this is about.
“It’s Just a Step Toward Divorce.”
Postnuptial agreements are not about planning for divorce. Rather, a postnuptial agreement may just be about having clarity of responsibilities and expectations, therefore making the marriage much stronger.
“It’s Too Late to Make an Agreement After Marriage.”
It is never too late to enter into an agreement that can support and benefit your marriage. In fact, post-nuptial agreements can be made at any point in marriage and, as necessary, modified.
After Major Life Changes: The start of a new business, a large sum of money inherited, and other large financial changes can encourage the need for an agreement.
During Marital Strain: When a marriage is in trouble, a postnuptial agreement can ease financial concerns and provide some semblance of stability.
To Protect Children of Previous Marriages: If one or both of you have children from previous relationships, the agreement will protect the inheritance rights of those children.
After a windfall: When one spouse comes into considerable money, via inheritance, lottery winnings, or other large financial windfalls, a postnuptial agreement can protect that asset.
In any event, postmarital agreements serve to provide clarity, security, and strength to a marriage. Because open communications are fostered, reasonable expectations are established, and financial fears are eliminated, couples can confidently work through their relationship sans mistrust.
If a post-marital agreement is in your future, look no further than Kimbrough Legal PLLC. Family law attorneys at Kimbrough Legal PLLC will guide you through this process to make sure your agreement serves your needs and protects your interests. Call us today at 833-553-4251 to set an appointment and learn more about how a postnuptial agreement can serve to strengthen your marriage.
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