An increasing number of couples are inquiring about the benefits of establishing post-nuptial agreements because they can help clarify concerns that might cause conflict in the marriage if left unresolved, protect ownership of one spouse's assets, help relieve tension in a troubled marriage, or even simplify and expedite the divorce process.
What Is a Post-Nuptial Agreement?
Post-nuptial agreements allow couples to set their own guidelines for separating the life they built together should the need ever arise. A private contract between spouses or those in civil unions, post-nuptial agreements serve to determine issues that may come up during a couple’s marriage or union or in the event of divorce or the death of either spouse. Couples may include provisions in post-nuptial agreements that dictate the division of their shared and separate assets and debts, the financial penalties for certain transgressions or actions, and what a spouse’s children from previous relationships should inherit in the event of the parent’s death, among other things.
Clarifying Potential Points of Conflict
People may choose to include provisions in their post-nuptial agreements to address conflict areas that have already come up or those they anticipate could arise at some point. Some couples may experience discord in their relationships over issues such as infidelity or a financial breach of trust. Others might enter into these agreements to decide parenting time, parental responsibilities, or child support in the event of a divorce.
Marrying at an Older Age
An increasing number of people are getting married later in life in the U.S. The U.S. Census Bureau reports the median age for first marriages in 2018 was 29.8 and 27.8 years for males and females, respectively. People who marry later in life may have established their careers and amassed assets or properties they wish to protect if their marriages end.
Simplifying the Divorce Process
Hammering out the details of a settlement when they see eye-to-eye may help couples to expedite the divorce process. When in the midst of splitting up, couples may struggle to agree to terms for their divorces. Therefore, both spouses may benefit from making worst-case scenario preparations when they can communicate amicably with one another.