What are Postnups?
Postnups are agreements that are written and executed after you’re married. This agreement contains obligations and responsibilities of each partner, since marriage can essentially be looked at as an economic partnership which could benefit both parties. Preparing this agreement could however be a cathartic experience for couples. This process would require them to asses all their monetary funds and the kind of impact it has on their emotional lives.
How a Post-Nuptial Agreement Can Save Your Marriage ?
Sometimes we come across cases where couples are unable to communicate with each other. Their differences seem to lead them to a rocky marriage. Marriage counseling is an option in such a scenario but it may not always help with the deep-rooted problems. Another
9 key points to consider/address while preparing a Post-Nuptial agreement:
1. Should there be changed made to the property they may be holding together?
2. Who would be liable to pay off the debt in joint name and how it could be repaid?
3. How are the earnings supposed to be allocated? Are both spouses contributing to the family income?
4. Describing the role of the spouse in the current business and in future?
5. In events of divorce, disability or death, how should the businesses be disposed off?
6. Discussing marital priorities with relations to children, in future.
7. Division of money in a blended family and how much support need to be given to children from previous marriages? What are the needs of these children and if there are any children with “special needs”?
8. In case of a spouse falling ill or becoming disabled, have you considered purchasing long term health insurance?
9. What protection do you have in case the other person dies? Do you have insurance for the other?
These details are considered as legal issues in a Postnup. However, trust is an important element in developing a postnup agreement. This agreement cannot work if a spouse distrusts the other person and it cannot be a fight to finish the process. It is essential to involve a common understanding of the way contentious financial issues need to be handled. Because once a postnup is completed, the couple can then move forward from their disagreements to think about making the marriage viable.
If the marriage does dissolve, then the postnup acts as the framework for a separation agreement. This saves the client from the mental stress of negotiating with the partner after things get bad. It also saves them the legal feels. Thus sometimes it is better to discuss tough issues of a marriage in the office of an attorney, rather than a marriage counselor.
Originally posted 2017-07-28 06:38:36.