Married couples in New York who have a seemingly strong marriage may not think they need an agreement to outline what would happen to their property and other assets in the event of divorce. However, it may be a smart legal move, especially if circumstances have changed. Similar to what would be found in a prenup, a postnup is drafted after the vows have been spoken.
According to FindLaw, a postnuptial agreement is a legal document that states who gets what in a divorce and which debts are individual as opposed to marital. Arguments around money are a major factor in marital problems, and drafting this agreement can help ease some of the tension among couples. Even just discussing finances and being transparent can be a very therapeutic process for even the happiest of couples.
While a postnup can help define parameters relating to debts and assets, ABC News discusses specific examples in which a postnup is recommended. In a second marriage, a postnup can ensure children from a previous marriage receive some of the assets. An agreement can also be a tool to save a marriage scarred by infidelity. When the cheating spouse signs a postnup, it can show the other partner he or she is serious about making the marriage work. Other scenarios in which a postnup is smart include:
- If one spouse is expecting a large inheritance
- A spouse chooses to exit the workforce to be a stay-at-home parent
- If the couple owns a business together
- A spouse has recently become financially successful