Most individuals are familiar with prenuptial agreements and may think that if they didn’t create and sign a prenuptial agreement before marriage, there is no way to legally outline their finances. But a postnuptial agreement is a similar, legally binding document that is drafted after saying “I do.”
Discussing money and its role in your marriage, or planning for if the marriage ends, can make you uncomfortable, but it often pays off tenfold. By creating and signing a postnuptial agreement, both spouses can better financially protect themselves.
You and your spouse can enter into a postnuptial agreement after you are legally married and have fiduciary duties to one each other.
2 Items Commonly Included in Postnuptial Agreements
Most postnuptial agreements include the same types of provisions that a prenuptial agreement would include, as governed by Florida law. The only difference is that postnuptial agreements are entered into after marriage.
Below are the two most common items spouses incorporate into their postnuptial agreements.
Division of Property, Assets, and Debts
Your agreement should include documentation of all assets, income, inheritances, gifts, debts, and other liabilities. One of the most common provisions included in postnuptial agreements is how each of these items will be divided if the marriage ends or if a spouse passes.
As a marriage progresses, the spouses are likely to incur a variety of debts, from mortgage loans to credit cards. In a postnuptial agreement, the spouses have the opportunity to outline how best to deal with them in the event of a divorce.
Spousal Support Payments
Each marriage functions differently, and in many cases, one spouse may stop working to manage the household duties and children while the other spouse works to financially support the family.
In the event the marriage ends in divorce, many postnuptial agreements include an outline for spousal support payments. This is commonly referred to as alimony and provides financial support for the spouse who was not earning income, or was earning less income, during the marriage.
Helping You Draft a Postnuptial Agreement
Just because you and your spouse may be contemplating a postnuptial agreement does not mean that you are also contemplating divorce. These agreements are designed to help spouses clearly define their wishes for property, assets, and other financial matters.
At Apfelbaum Law, we provide legal services, including drafting postnuptial agreements, throughout the Treasure Coast. Our attorneys will answer your questions, explain your options, and provide you with the tools and resources you need to make informed decisions. Contact us today to learn more about how we can help with your postnuptial agreement and more.
