Postnuptial Agreement: Who Needs One and Why
A recent study showed that, while 50% of marriages end in divorce, only about 5% of these marriages have a prenuptial agreement, or prenup, in place. So what do you do if you’re married and realize you should have gotten a prenup? Thankfully, you can still obtain a postnuptial agreement—or “postnup,” as it’s often referred—the cousin to the prenup.
What is a Postnup?
Like the prenup, the postnup is a document that serves as a financial tool to protect any assets parties agree should be kept separate, meaning not subject to equitable distribution, in the event of a divorce. While one never wants to contemplate divorce while married, it is important to always consider to protect yourself, including your financial future. Postnups may not be as common as prenups, but are still an option worth discussing based on the circumstances.
Why Get a Postnup?
There are several valid reasons to obtain a postnup. There may be several triggers for contemplating a postnup. For example, marital difficulties may arise, causing one or both spouses to think about divorce as a potential event rather than theoretical prospect. Several other non-exhaustive reasons to obtain a postnup include:
- Opening a new business;
- Regretting not getting a prenup;
- Facing changed financial circumstances; or
- Planning for the future, including estate planning.
How Do I Get a Postnup?
To determine whether a postnup makes sense under your circumstances, you should speak with a divorce attorney or family lawyer. Clients will normally need to speak with their attorney regarding all of their assets, as well as their goals and concerns. While a postnup can help safeguard your assets in the case of divorce, it’s important to speak with a qualified attorney first and foremost to learn more about this option.
If you are considering obtaining a prenuptial agreement or postnuptial agreement in New Jersey, do not hesitate to reach out to the attorneys at Lazor Rantas, PC either by calling 973-457-8844 or using the contact form on our website.