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Postnuptial agreements open conversations about finances

| Jan 13, 2020 | Divorce

Couples in North Carolina who have been married for a while might be considering a financial reset. One form that this can take is signing a postnuptial agreement. This contract can protect assets that are acquired during marriage and a business that is owned by a couple. It is similar to a prenuptial agreement. The main difference is that it is signed during the marriage instead of before marriage.

Discussing a postnuptial agreement may make a couple feel uncomfortable, like they are doomed to failure. However, it has helped some couples add some clarity to their finances. It allows them to establish new ways of handling money and addresses issues that may have caused some friction, like if one partner consistently does not handle money well.

When a couple owns a business together, a postnuptial agreement allows them to draw up a customized plan as to how all assets and debts will be handled in case the couple divorce the future. It will also allow them to decide in advance how much ownership each partner will have and if the business will be passed on to their adult children.

These financial conversations also allow couples to review beneficiary designations and important documents related to their estate plan. The couple can lay out who will receive what in case of divorce. Depending on the circumstances, it may be necessary to set up trusts.

Another topic that should be considered is retirement. Not only will this include discussing finances related to retirement, but it should also involve discussing what will happen if one individual gets sick, where each individual will live and if part-time work will be necessary.

A lawyer might assist an individual who is interested in postnuptial agreements and topics related to divorce. A person may consider reading Piedmont Triad Divorce Blog in order to learn more about spousal support, separation and alimony.