Postnuptial agreements can serve a variety of purposes. One common use is to sooth tension over a disagreement a couple may have. It can apply to different matters, but couples commonly use it to address disagreements over finances or control of certain assets.
Since disagreements over money are a top cause for divorce, a postnup can provide a solid financial foundation for the marriage and help assuage fears that one spouse may have. Common examples of this would be a wife who is uncomfortable with her husband’s choice to leave a well-paying job to start a new business, or her wish to have her name on all bank accounts and financial documents.
Five tips for making a binding postnup
Getting an agreement in writing is an important start, but there are ways to help increase the chance that it will be binding if it goes to court. These are:
- Make the agreement fair: A good postnup is equitable to both sides, thus proving that there was no undue pressure to sign it.
- Do not hide assets: It is crucial to disclose all assets if the agreement is to be binding.
- Each side should explain their reasons in writing: Explain why they want to do it and what they think it will mean as the marriage moves forward.
- Hire attorneys for each side: Having two attorneys involved helps ensure that each spouse’s interests and rights were represented in the agreement.
Key to a happy marriage or divorce
Many experts believe that a postnup can be a key to a happy marriage. By eliminating the stress of a disagreement, the couple can focus on the positive elements of their marriage. If it still does not work out, the agreement can provide the template for how the divorce will be handled and how assets will be divided when the time comes.