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Reset finances by discussing a postnuptial agreement

| Jan 16, 2020 | Divorce |

One way that some couples in Arizona have decided to reset their finances is by discussing a postnuptial agreement. This legal document is similar to a prenuptial agreement. One major difference between these two agreements is when they are signed. Prenuptial agreements are signed prior to marriage, and postnuptial agreements are signed during marriage.

Signing a postnuptial agreement does not mean that a couple’s relationship is doomed to failure. Some have found that it adds clarity to their finances. It has allowed some to correct the mismanagement of finances, particularly when one partner does not handle money well.

A postnuptial agreement allows a couple to lay out a customized plan in case they separate or divorce in the future. It will protect assets that are acquired during the marriage. It is especially beneficial for a couple that owns a business together. They will be able to determine who will gain ownership of the business, how it will be passed along and how assets would be divided if the couple decided to divorce.

Many have found that discussing a postnuptial agreement has helped them to attack their debt. It allows open conversation and full disclosure regarding how debt accumulated. The couple can determine the best way to pay off the debt and who will be responsible for paying for it if a divorce occurs.

Other matters that need to be discussed include retirement, what will happen if one partner gets sick, how minor children will be cared for and insurance matters. Speaking with accountants and financial planners can be helpful. Also, each partner in the marriage should have an attorney. An attorney might help an individual draw up a postnuptial agreement and answer questions regarding child support, spousal maintenance and things related to high asset divorce. At a future time, an attorney may even represent a client in court.