Post-Nups on the Rise
Post-Nup are becoming an increasingly important document within a marriage, and these contracts are more popular than ever before. In a recent survey conducted by the American Academy of Matrimonial Lawyers, or AAML, more than 51 percent of divorce attorneys noted an increase in postnups.
A postnuptial agreement is similar to a prenuptial agreement, in that it outlines the division of assets and liabilities in the event of a divorce or death. The major difference lies in the fact that postnuptial agreements are created after the marriage has taken place, whereas prenuptial agreements are signed prior to the union.
Postnuptial agreements are a valuable resource for spouses, particularly those with significant wealth and assets. We attribute the increase in popularity to several factors:
- More couples are signing prenuptial agreements prior to their wedding, and postnuptial agreements are often used to update the existing contract.
- Women are beginning to earn more wealth, and when this happens after the marriage, they want to arrange a postnuptial agreement that protects their assets. In other situations, women request this agreement because they decide to leave their career in order to stay at home and raise their children. Noting that this is a significant financial risk, they ask for a postnup that will protect them in the event of a divorce or death. According to the survey released by the AAML, 36 percent of divorce attorneys in the organization noticed an increase in women requesting postnuptial agreements from their husbands after they wed.
- Major financial events that occur after the marriage has taken place often necessitate the need for a postnuptial agreement. For example, a spouse who inherits a significant amount of family fortune may want to create a postnup in order to avoid financial frustrations in the future. Another example of wealth change might be significant business success that takes place in the years following the marriage. A postnuptial agreement provides the spouse with a share of the assets without jeopardizing the health and success of the business that was built or the fortune that was inherited.
- In many cases, spouses are using postnuptial agreements to end arguments over finances and assets. A postnuptial agreement can restore peace and security to a marriage, giving each party the peace of mind that they need in order to move forward from the issues in their marriage surrounding finances.
While many spouses recognize that postnuptial agreements would protect their financial security as well as enhance the stability of their marriage, it’s not always an easy topic to broach.
Those who are interested in creating a postnuptial agreement can use these tips in order to discuss this option with their spouse:
- Be sure that the topic is approached in a comfortable location that is ideal for a serious conversation. Bringing it up over a morning scone at the local coffee house is probably not the best place to start, as this is a space where you can be interrupted and may not be able to have this significant, private discussion. Choose a quiet, intimate location and make sure that you both have the time to devote to the conversation.
- Choose the right time to begin the conversation. If the two of you are not getting along and are in the middle of an argument, suggesting a postnup is probably not going to help the situation. Opt for a peaceful time, when you both are willing to discuss it and compromise in order to accomplish the goal.
- Bring in a third party if you need to. If you do not feel comfortable bringing up the idea of a postnuptial agreement alone, consider scheduling a meeting with an attorney or a financial advisor. This professional can help explain the benefits of the contract in a way that is informative, and can help you emphasize the reasons why you want to create a postnup.
To find out more information about postnuptial agreements and this rising trend contact the RIGHT Lawyers firm today at rightlawyers.com.