After the Fact: Postnuptial Agreements
Most people understand the need to protect separate financial assets with a prenuptial agreement prior to marriage. But what about after wedding bells ring?
A postnuptial agreement safeguards financial security — and sometimes the harmony of a marriage.
Prenuptial agreements are reviewed and executed prior to a wedding. After the marriage, postnuptial agreements come into play. Both are types of marital agreements. Some reasons to consider a postnuptial agreement include the following:
- Change of mind: After marriage, creating a postnuptial agreement to memorialize financial or other agreements can return stability to a relationship.
- Change of career: For a working partner, the decision to stay at home and care for children permanently affects earning ability, pension and retirement. Few women or men return to the job market after 10 years able to obtain the same job or wage they previously enjoyed. A postnuptial agreement protects the financial stability of the caregiver in the event of divorce.
- Change of fortune: The receipt of an inheritance, sale of a business or other change in fortune is reason to consider a postnuptial agreement.
Postnuptial agreements also come into play when divorce is anticipated, as in the case of former Governor Eliot Spitzer. Through the smart use of a postnuptial agreement, Silda Spitzer obtained a $7.5 million settlement after her husband fell from political grace.
If you have questions about a prenuptial or postnuptial agreement in Long Island, speak with my firm, Bryan L. Salamone and Associates, P.C.