Discussing finances can be challenging for some couples. However, it is necessary for them to do so, especially if they want to protect their assets and make sure the assets are passed on to their children. Some Virginia couples have found that a great way to add clarity to their finances is by drawing up a postnuptial agreement.
Many people are familiar with how a prenuptial agreement works. It is a document that is signed by each partner entering a marriage, and it lays out how finances will be divided if the couple decides to divorce in the future. A postnuptial agreement is similar, but it is signed after the wedding. It is designed to protect assets that a couple acquires during their marriage.
There are some circumstances where a postnuptial agreement may be particularly useful. For example, if one partner is not good at handling money, drawing up a postnuptial agreement could help to address the issue and assist the couple in establishing a new money routine. It could also be beneficial if one of the individuals will receive a large inheritance.
If a couple owns a business together, a postnuptial agreement can protect the assets related to the business. It will allow a couple to draw up a customized plan as to what will happen to the business if they were to divorce in the future. They can agree on who will share in ownership of the business, how assets and debts will be divided and whether the business will be eventually passed on to adult children.
Professionals like certified financial planners and accountants can help couples decide on the issues to be documented in postnuptial agreements. Additionally, each partner could speak to an attorney. The attorney may look out for their client’s best interests and answer questions their client has regarding complex property issues and other topics that may arise before or after a divorce.