postnuptial agreements

Postnuptial agreements may ease property division upon divorce

During the rush of excitement and anticipation that accompanies an engagement, many Massachusetts couples neglect to have a serious discussion about finances. Even fewer sit down and draft a prenuptial agreement. While the reluctance to address these issues at the onset of a marriage is understandable, it is not a wise financial move. There can be serious ramifications if the relationship ends in divorce and property division becomes an issue. Luckily, the exchange of vows does not mean that a couple has lost their chance to address their financial future. Many couples are turning to postnuptial agreements, which are a form of contract that addresses the same range of issues as a prenuptial agreement, but is drafted after a couple is married. Some couples choose to sign a postnup to avoid the repetition of financial problems they experienced during a previous divorce. Others simply want a measure of security as they move forward in their new relationship. The terms of a postnuptial agreement can vary between couples, but one common stipulation is that both parties are able to leave a marriage with the assets that they brought into the partnership. Just as with a prenuptial agreement, the drafting of a postnup forces the full disclosure of each partner’s financial standing, including assets and debts. This disclosure protects the validity of the agreement. However, it can also serve as a valuable tool to prompt a discussion about investment goals, debt management and retirement planning. One couple who opted for a postnuptial

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Could a postnuptial agreement actually save your marriage?

One important tool that is often forgotten about when it comes to family law is the postnuptial agreement. This week, the Huffington Post featured an interesting article explaining how a postnuptial agreement can actually help many couples whose marriages are on the rocks. Postnuptial agreements are like prenuptial agreements in that they are both contracts that spell out what would happen in the case of a divorce, only postnuptial agreements are entered into after the couple has been married and prenuptial agreements are entered into before the marriage. The article gave the scenario of a couple who had been fighting over financial issues and was hastily considering a divorce. The wife, worried and anxious about where a divorce would leave her, went to a local family law attorney for advice. The attorney told the woman that divorce was not the couple’s only option and that there were alternatives available like filing for legal separation or executing a postnuptial agreement. The woman talked to her husband and soon they agreed that a postnuptial agreement was right for them. She said the agreement they reached gave them both peace of mind knowing exactly what would occur should they choose to split, and also helped them to address the disagreements regarding finances that they were having. Many people overlook postnuptial agreements as an effective tool in a family law attorney’s toolbox. Not only do they allow the couple to plan for divorce before the emotions rise, they are also a way to potentially

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Marital property still not settled by pre or postnuptial agreements

Marital property division is, of course, a significant part of any divorce. Wealthy people, such as former Massachusetts resident Frank McCourt, often use prenuptial and postnuptial agreements to define how certain marital property will be divided in the event the phrase “’til death do us part” takes on a different meaning. McCourt is the embattled owner of the Los Angeles Dodgers, who is also in the midst of a contentious and high profile divorce from his wife of many years. He and his wife previously executed a postnuptial agreement that was prepared by a Boston law firm. A postnuptial agreement is a contract entered into by a couple after they have already been married. Its intent is normally to agree on a division of assets in the event of a subsequent separation or divorce. The McCourt’s executed such an agreement, but it came under fire in the divorce litigation currently pending. Pre and postnuptial agreements are legally binding documents that may well help couples resolve issues that often come up during the division of assets. Not every couple entering into marriage needs a prenuptial agreement, but it is generally helpful for couples who both have acquired assets prior to marriage, if either soon-to-be spouse has children they want to retain their inheritance, or if one spouse has a greater income than the other. A consultation with an attorney can help in determining your pre and post marital needs. In Massachusetts, an attorney with experience in resolving disputes over complex property

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