If you are a fan of romantic comedies, you have probably seen a plot involving a prenup. You may not, however, be familiar with a similar marital contract: the postnuptial agreement. The two agreements are similar, but a postnuptial comes after the couple walks down the aisle. More importantly, some spouses view a well-written postnuptial agreement to be a successful way to improve a strained marriage.
Whether you executed a prenuptial agreement or not, you and your spouse have the option of creating a postnuptial one. When drafting your agreement, you have the opportunity to outline marital expectations and address important topics. Here are three subjects to tackle in your postnuptial agreement:
- Separate property
Postnuptial agreements are gaining popularity in the Keystone State for a few reasons. Not insignificantly, these agreements allow married couples to define separate property. That is, you and your spouse can agree on what property belongs to each of you. If you later decide to divorce, you do not have to divide any property you categorize as separate.
- Marital property
As with separate property, your prenuptial agreement provides an avenue for defining marital assets. Furthermore, it allows you to outline who gets what share of marital wealth if your marriage ends. Taking this proactive step is a good way to minimize future conflict.
- Spousal and child support
Your postnuptial agreement can address each spouse’s obligations and responsibilities. For example, you may stay home to raise the kids while your spouse goes to work. Regardless, your postnuptial agreement can cover post-divorce financial support. This could either be a fixed number or a percentage of income. If you have children, you may also want to settle child support in your postnuptial agreement.
Prenuptial agreements are often an effective way for spouses both to set marital expectations and to plan for a possible divorce. If you elected not to execute one, drafting a postnuptial agreement may help you accomplish the same goals. To get the most out of your agreement, though, carefully consider which topics to address.