Have you ever spent hours talking to a friend or relative about their marriage issues? Doesn’t it seem strange that some couples can talk to anyone but their partner when their marriage is having difficulties? When couples like these do manage to communicate with each other, it often turns into a shouting match. While couples can try to work through their issues with a marriage counselor, it’s not always an effective way of resolving their deeply rooted conflicts.
As family law attorneys with more than 25 years of experience, we recommend drawing up a postnuptial agreement to identify and address the issues that a couple is concerned about. Postnuptial agreements, also referred to as “postnups,” are created and executed after a couple is married. The agreement clearly states the obligations and responsibilities for each spouse. Although most of us don’t like to think of it this way, marriage is an economic partnership that can benefit from both parties agreeing to the terms of a written contract.
For some couples, making a postnuptial agreement can help them work through their issues together. From analyzing their assets and spending habits to discussing how financial stress is impacting their emotional lives, preparing a postnup gives couples an opportunity to air their grievances and insecurities.
Today, more and more couples are choosing to use postnups, particularly those who have children from a previous marriage.
Common issues addressed in postnuptial agreements include:
- What joint property the couple has
- Who is responsible for paying off specific debts
- How the couple’s earnings are allocated
- Inequity with the couple’s spending or savings
- If there should be an agreement for a percentage of earnings that each spouse should spend/save
- How to dispose of a business if the couple gets divorced or one of them becomes disabled or dies
- Future priorities and goals, such as paying off college or saving for retirement
- How much financial support should be allocated to children from previous marriages
- Special needs planning for children
- Power of attorney in case one spouse falls ill or becomes disabled
- Health care insurance, life insurance, and other estate planning tools
While a postnup will cover the financial and legal issues discussed above, trust is still a crucial aspect of developing a solid postnuptial agreement. This is why it is important for a couple to have a common understanding of how they want to discuss and handle contentious financial issues.
Once a postnuptial agreement has been completed, the couple will finally have the opportunity to move past their issues and focus on maintaining a happy marriage. If the couple’s marriage doesn’t end up working out, the postnuptial agreement provides a solid framework for constructing a separation agreement. This can save spouses from having to endure the emotional stress that comes with negotiating with an ex after a marriage has come to an end.
Let Us Assist You Today
At Myers Family Law, our skilled family law attorneys can help you and your spouse make a postnuptial agreement that will address your needs. We care about every case we take on and our legal professionals will answer any questions or concerns you might have. Let us put our 25+ years of experience to work for you.
Call (916) 634-0067 to schedule a case consultation with our legal team in Granite Bay.