Whether you have been with your spouse for decades or only a short time, you may have lost the ability to see eye-to-eye on important matters. If you are thinking about divorce, negotiating a postnuptial agreement may save your marriage.
Postnuptial agreements are like prenuptial ones with a major distinction. Instead of executing the agreement before walking down the aisle, you formalize a postnuptial agreement after you marry your spouse. To stay out of divorce court, you may want to cover at least three topics in your agreement.
1. Marital roles
If your marriage is seemingly on the rocks, outlining marital roles may help to rescue it. After discussing priorities with your spouse, use your postnuptial agreement to define who is responsible for what household tasks.
You can probably either be specific or use broader categories to describe marital responsibilities.
2. Property ownership
Property division is a major source of contention in many divorces. If you and your husband or wife end up divorcing, your postnuptial agreement may define what happens to everything you and your spouse jointly own.
The agreement may also outline which property is separate from the marital estate and therefore not subject to division during divorce.
3. Financial priorities
According to a recent study, 41% of younger Americans and 29% of older ones cite money matters as the primary reason for their divorces. If you and your spouse regularly disagree about finances, your postnuptial agreement may help to straighten out your financial priorities.
Formalizing your budget, financial goals, investments and other financial matters in your postnuptial agreement may also set realistic expectations for you and your spouse to meet.
At a minimum, the discussions you have when preparing the agreement may help you better understand your partner’s approach to finances.