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What are the benefits of drafting a postnuptial agreement?

When you married, you were not thinking about the potential for divorce. It's also likely that you did not have the financial resources you have now, but years later, things have changed, and you are wondering if you need some type of legal protection. It may be too late to draft a prenuptial agreement, but there are still options available to you. 

A postnuptial agreement works in the same way as a prenuptial agreement, but you draft and sign this document after the marriage has already taken place. Couples of all income levels and financial goals can benefit from this type of agreement, and it may be in your interests to consider this step. Like other types of legal contracts, you will want to take the time to ensure it is carefully drafted and legally enforceable.

Do you need it?

A postnuptial agreement can offer benefits to Rhode Island couples of virtually any income level, but it is not necessary for everyone. You may want to draft this type of marital contract if any of the following apply to you: 

  • Your financial circumstances have changed dramatically since you married.
  • One spouse received an inheritance and wants to maintain it as separate property.
  • One or both spouses started a successful small business they would like to protect.
  • You have children from a previous marriage, and you want to protect their interests.
  • One or both spouses want clarity on separate and marital assets to reduce the chance of conflict.
  • There has been a significant accumulation of debt by one party since the marriage. 

Your consideration of a postnuptial agreement may not be because you are now significantly wealthier than you were when you married. It could be because you now see the benefits of making sure you have the right types of legal protection in place in case of a divorce. No one can predict the future, but with this contract, you will be able to move forward with confidence.

Think long-term

The time to think about a postnuptial agreement is not when you need it, but well before that point. You may never have to rely on the terms included in the contract, but it is still crucial that you think long-term about the potential impact this agreement could have on your life.

Before you draft or sign a contract, you may find it beneficial to discuss your concerns with an experienced family law attorney. This guidance can be invaluable as you consider your legal options.

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