Postnuptial Agreement Ends Fights
- Posted in: Asset Protection
If you answered “money,” you are not alone. In fact, finances tend to be the leading cause of tension between married couples, and 7 out of 10 couples admit to arguing about it regularly, according to a 2006 survey in CNN’s Money Magazine.
One couple, however, has found the solution for the financial fisticuffs with a postnuptial agreement. That’s right, a postnuptial agreement.
The couple profiled in CNN.com’s Quit Fighting, Get a Postnuptial Agreement had been married for 30 years and still unable to come to an agreement about how to handle their finances. Rather than give way to irreconcilable differences, the couple turned to their attorney, who helped them hammer out a postnuptial agreement that eased financial tensions and allowed the couple to “breathe easier… without this being in the forefront all of the time.”
So, what is involved in creating a postnuptial agreement? The process is very similar to creating a prenuptial agreement, and involves determining ownership of various assets and debt. After the agreement has been created, you will each need your own separate attorney to review the agreement before you sign.
It is not unusual for a postnuptial agreement to be last stop for couples on the road to divorce, and in such cases the agreement may even serve as a guide to the eventual divvying up of assets.
A postnuptial agreement, however, can be a good thing for a marriage for several reasons. In addition to giving uneasy couples a feeling of safety, a postnuptial agreement can be beneficial in that it requires you and your spouse to sit down with an attorney and discuss a difficult subject. It opens the lines of communication and provides much needed definition. Both of which are key elements for a strong partnership and a healthy marriage.