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Why should I enter into a postnuptial agreement?

| Jan 27, 2021 | Property Division |

Many Florida couples about to get married may have avoided talking about a prenuptial agreement because they didn’t want to rock the boat. They didn’t want to mar a joyous occasion by discussing how their assets would be distributed in case the marriage didn’t work out. The good news is that all is not lost—a post nuptial agreement can be one way to decide how they will be split after the couple is married. The major difference between the two agreements is when they are entered into—a prenup is before the wedding and a postnup is after the wedding.

Though many people may think entering into a postnuptial agreement is a sign the couple may be heading for a divorce, this is not always the case. There can be a number of reasons a couple wants one, including:

  • The couple regrets not creating a prenuptial agreement and wants to change that. Since both of them are on the same page, it will not seem as if the conversation has come out of the blue.
  • A postnuptial agreement can save a marriage. If one spouse has been financially irresponsible and racked up debt, the other one might be worried about being saddled with that debt in case the marriage ends. Therefore, a postnuptial agreement outlining each party’s financial responsibilities may be one way to save the marriage and protect their significant other from their debts.
  • A change in financial circumstances during the marriage. If one spouse is about to give up their lucrative job and stay home, they may want to create a postnuptial agreement ensuring they do not remain penniless in case of a divorce.

Property division in a divorce can be messy and complicated. One way to lessen the complications is by having a prenuptial or postnuptial agreement that outlines who gets what in the case the union ends, at a time when both parties wanted the best for one another.