Postnuptial agreements, while they are less common than prenuptial agreements, are a type of marital agreement drafted after a couple is married and are designed to settle financial decisions. They can also be used to define who owns what assets, the terms of the family budget, how often relatives can come to visit and what will happen to a family-run business in case the marriage ever ends in divorce, states CNN. Although most couples in New York can benefit from one of these agreements, there are several reasons why they are a necessity for parents who stay at home.
Reasons why every couple needs a marital agreement
There are several reasons why marriages where one spouses chooses to stay home and care for their children can benefit from a prenuptial agreement. According to Today, these include the following:
These agreements can form the foundation of a happy marriage-Since money is often cited as one of the main reasons why marriages become contentious, a postnuptial agreement can help couples determine things like how to spend their money and how to save and invest it before they become an issue.
A person’s child-rearing years occur when their earning potential is the greatest-A postnuptial agreement ensures that parents who chose to stay home to raise their children are properly compensated for sacrificing career development.
Stay-at-home-parents who re-enter the workforce usually earn less-When a parent chooses to stay home, not only do they miss out on paychecks, but their opportunities also suffer as the workplace continues to evolve.
Additionally, postnuptial agreements can provide stay-at-home parents with peace of mind knowing that their financial interests are protected and that they can potentially avoid the complexities of the property division process if their marriage were ever to end in divorce.
Bringing up the topic
Although drafting a postnuptial agreement is an essential step stay-at-home parents should take, the topic of creating one of these agreements can be a sensitive subject. According to Entrepreneur, spouses who desire to acquire a postnuptial agreement should draft this document together and be open and honest about what they want. Additionally, spouses should listen to their partner’s concerns when they bring up the idea and fully explain why they think drafting one of these agreements is a good idea.
Once couples make the decision to create a postnuptial agreement, they should turn to a lawyer for assistance to ensure that the document is legally enforceable. If you and your spouse are interested in devising one of these agreements, turn to an attorney who can help you with the process.