Most postnuptial agreements include clauses that address how property must be divided when a couple decides to get a divorce. Such agreements protect both spouses when their marriage ends in divorce. A Lehi family law attorney can help them draft these agreements and make them legally enforceable. Negotiating these agreements must be done only with the assistance of a lawyer to ensure they stand up in court.
Negotiating and signing a postnuptial agreement may be necessary for some couples. This is especially the case when a spouse engaged in infidelity. But a couple could have this agreement drafted for any reason. This agreement protects the spouse who needs extra assurances of financial stability. Read on to learn more about the importance of a postnuptial agreement:
Addressing Wealth Disparity
A couple may need to negotiate a postnuptial agreement when one spouse is ultra-rich and owns significant assets. The other spouse may want to have this agreement in place due to their worries about what happens to them after a divorce. The agreement is even more important when this spouse stays in the house to care for the kids.
Meanwhile, the agreement also helps the wealthy spouse. This agreement could protect the assets they brought into the marriage. It lets both spouses leave their marriage financially whole.
Helping Settle Disputes Over Business Interests
Generally, any assets obtained during the marriage are subject to equitable division in Sandy. If a spouse has started a business after marrying their partner or has grown their company during the marriage, their spouse has a claim to the business owner’s share of the business during the division of marital assets. A postnuptial agreement keeps the other spouse protected from court battles over the company.
Protecting a Spouse Who Remarries and Has Kids
A postnuptial protects kids when their parents get a divorce. The parents will want their kids to inherit the assets they have accumulated. But a divorce can cause complexities to an estate plan. If a spouse has kids from a previous marriage, inheritances can become quite complicated.
Although a prenuptial agreement can work this out, a lot of couples don’t have one. However, every couple can still get this kind of protection if they want to. Inheritances can be a postnuptial agreement’s subject and it should include classes that address these matters. These clauses should identify the share of assets a divorced spouse would get when the other dies.
