A postnuptial agreement can help protect against divorce losses | Lane & Lane, LLC
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A postnuptial agreement can help protect against divorce losses

Many New Jersey spouses look back at the whirlwind of wedding preparations that consumes the weeks and months leading up to the event and wish that they had made the time to address financial concerns before tying the knot. While once primarily the domain of the rich and famous, prenuptial agreements are now considered to be savvy insurance against the risk of divorce by couples across the socioeconomic scale. The financial benefits associated with a prenup are widely acknowledged, and the topic is no longer taboo between engaged couples.

If a couple is wed without a prenup in place, all is not lost. There is still a possibility of creating a postnuptial agreement, which offers the same range of benefits, but is entered into after a marriage has already taken place. For many, broaching the subject of a postnuptial agreement is easier, because the marriage is already underway and there is no risk of one party feeling as if his or her signature is required in order for the marriage to occur.

A postnuptial agreement can outline how assets are to be divided in the event of a divorce. It can cover issues of concern to each spouse, such as how children from previous marriages are to inherit various forms of property. A postnup can also serve to protect an existing business venture, making business assets exempt from the property division process of a divorce. The possibilities are as varied as the needs of any given couple, and the document is a very flexible financial planning tool.

New Jersey couples who are interested in learning more about the benefits of entering into a postnuptial agreement should take the time to learn more about the process and how it could suit their needs. This begins with making a list of concerns about how various forms of property would be handled in the event of a divorce, as well as how other parties, such as children, would be affected. This allows the family law attorney the ability to draft a comprehensive and clear contract.

Source: NBC News, "If you ran out of time for a prenup agreement, try a postnup," Kelley Holland, July 5, 2013