Some married couples may choose to sign a postnuptial agreement for a number of reasons. Postnuptial agreements are executed after receiving the marriage license. The date of execution is the primary difference between a prenuptial and postnuptial agreement.
What happens if we don’t have a postnuptial agreement?
If you and your spouse do not sign a postnuptial agreement your assets will be subject to state law if you two divorce. You also will not be able to label assets as marital or separate property. This could be problematic if you are expecting to inherit a large sum of money.
Another main reason couples sign postnuptial agreements is to avoid taking on the other spouse’s debt. If your spouse has racked up thousands in debt you can use this type of agreement to label their debt as separate property. Couples use postnuptial agreements to also indicate how much child support and visitation they both want. They also can decide on the amount of alimony they would like to give or receive in the event of a divorce.
Additionally, if you are the owner of a business, you may want to include that asset in your agreement. Your spouse could have a claim to a percentage of the businesses earnings even if they were not involved in the operations.
The process of drafting an enforceable postnuptial agreement may be difficult if you do not have expertise on the subject. A lawyer will be able to draft up the agreement and guide you through the process. Depending on your state, you and your spouse may be able to have the same lawyer help you