Before the wedding is not the only time to plan and protect your financial future during marriage. A postnuptial agreement is the answer for a growing number of couples.
In 2012, a survey by the American Academy of Matrimonial Lawyers (AAML) found 51 percent of lawyers who responded noted they were creating more postnuptial agreements for clients. Why? A postnuptial agreement makes sense for a number of reasons:
- Change in wealth during marriage can spark the need for a postnuptial agreement. When a high-earning partner agrees to stay home to raise children, the impact on their earning potential is dramatic. A postnuptial agreement provides for that spouse, defining a settlement in accord with his or her sacrifice should the couple divorce.
- The necessity to avoid a spousal claim at divorce on a newly formed business can lead to a postnuptial agreement. Value and assets are defined to protect an ongoing business, an important step for other partners in the venture.
- Use of separate funds for a marital purchase can lead to a postnuptial agreement. A real estate purchase funded by the separate funds of a one partner is described by agreement to ensure that partner receives the value of his or her separate asset upon divorce.
Rupert Murdoch and Wendy Deng had a prenuptial and a postnuptial agreement. So did former New York Governor Elliot Spitzer and his wife, Silda. In both cases, the postnuptial agreement eased the passage of each couple through divorce and into a stable financial future.
The quality of any marital agreement is unknown until it is tested. When you need an ironclad prenuptial or postnuptial agreement, seek legal advice from family law attorneys with significant experience in high-net worth divorce in Stamford.