The Wisdom Of Prenuptial Or Postnuptial Agreements
The wealthy, business owners or those entering a subsequent marriage have traditionally used prenuptial agreements. This can protect substantial assets or the inheritance rights of children from previous marriages. However, dual-income households as well as other financial considerations have made these agreements more common for couples of all income levels. The idea is to formalize, clarify or even simplify financial obligations for maintaining a home and raising a family. This can even work once a couple is married as a postnuptial agreement.
Attorneys at Mattingly Cavagnaro LLP work exclusively on family law matters and often handle prenuptial and postnuptial agreements for couples. They sit down and listen to the clients’ needs and goals for this arrangement, and they can then draw up a binding contract that provides a solid financial foundation for the family. This can be particularly important if one spouse has extensive student loans, a failed business or a history of credit card debt.
Providing Financial Clarity
Couples with complicated finances will do themselves and their family a favor if they create a prenuptial or postnuptial agreement. Mattingly Cavagnaro LLP‘s divorce lawyers have significant experience with high-asset clients and have seen the impact that a large amount of wealth can have on a marriage. While each marriage is unique, there are certain issues that weigh on couples. These include:
- Asset protection
- Protection from debt
- Financial obligations
- Peace of mind
How Postnuptial Agreements Work
Postnuptial agreements work under the same principle as a prenuptial agreement. The difference is that it is drafted after the couple is married. It can provide a solid foundation if there is unease about how the family’s finances are handled, or if a spouse is about to embark upon a risky business venture. Couples contemplating separation or divorce traditionally use it. In this case, it can provide a smooth transition into this next phase in the family’s life.