When two individuals decide to marry, they generally expect their marriage to last a long time. The reality, though, is that financial problems may quickly cause the marriage to break down. This is why many couples in Pennsylvania are now creating prenuptial agreements before they say their I Do’s. For currently married couples who never put together prenuptial agreements, however, there is still hope. They can create what are called postnuptial agreements, which can help them to protect their financial interests in the same way that prenuptial agreements can during divorce.
A prenuptial agreement is designed to explain two spouses’ intentions concerning how they use their earnings as well as their assets while married. It also explains how the two parties would like to address their assets in the event of divorce. A postnuptial agreement similarly describes how the individuals plan to utilize their property while married as well as divide it during a future divorce proceeding.
A postnuptial agreement can especially be helpful for someone who quickly experiences a change in his or her finances after getting married. For example, a woman might launch her dream business several years after walking down the aisle. If her business becomes highly successful, she might want to draft a postnuptial agreement so that her business assets remain with her if she decides to get divorced years or even decades later.
A postnuptial agreement can easily tackle a number of divorce issues outside of the splitting of assets as well, such as debt division. It can also address how to handle future inheritances as well as earnings. In fact, these documents may actually strengthen people’s marriages by encouraging them to discuss their finances in a healthy way. An attorney in Pennsylvania can provide individuals with the guidance they need to create prenuptial agreements or postnuptial agreements that reflect their needs and wishes long term.