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No prenuptial agreement? A postnup can protect your assets

Almost every person entering into a marriage has an asset he or she wants to protect. However, many Texas couples fail to sign a prenuptial agreement because they feel the value of their assets does not warrant it. Sooner or later, most married couples disagree on financial matters, and such disputes often lead to divorce. Fortunately, a postnuptial agreement may resolve some of the issues that threaten a marriage.

When a postnuptial agreement is signed, both spouses should be represented by attorneys. The agreement will dictate the manner in which a couple’s assets and debts will be split in the event of a separation or divorce. Property acquired by each spouse during and prior to the marriage can be addressed, and each spouse’s responsibilities related to incurred debts can even be spelled out.

Circumstances that were unanticipated before a wedding may be reasons for drafting a postnuptial agreement. These may include protecting the interests of children from a previous marriage, or one spouse leaving a lucrative job in order to care for children. Couples without a prenuptial agreement who become business partners may also realize that a postnuptial agreement is essential. This may allow them to avoid a situation in which a judge is given the power to decide how to divide their business’s assets.

Even if the importance of open and honest financial discussions and the need for a prenuptial agreement is not recognized before marriage, Texas couples may discover that peace of mind can be obtained from signing a postnuptial agreement. To ensure the legality of such a document, it is wise to retain the services of experienced divorce attorneys to draw up a postnuptial agreement. Only when the legality of the document is ensured are couples truly protected.

Source: blog.credit.com, “Do You Need a Postnuptial Agreement?“, AJ Smith, Feb. 12, 2015

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