Even if you forgot to create a prenuptial agreement before marriage, you can still make a document that will help with your property division in the event of a divorce later on in life. This is called a postnuptial agreement, and can be drafted even after you have already tied the knot. A postnuptial agreement can help spouses if they want to protect certain assets from their spouse in the event of a split, and if they want to allocate funds to a child from a former marriage.
They can also help if one spouse has a chance in financial status that will seriously alter the property division. For example, if you know that you will be inheriting a lot of money from a parent in the future, you may want to write that inheritance into a postnuptial agreement to protect the assets from division.
Another reason to get a postnuptial agreement is that it can help you when you and your spouse disagree about finances. If you know that a certain portion of money is yours no matter what, it may allow you and your spouse to readily agree to respect each other’s financial choices. One of the most important reasons to create a postnuptial agreement after marriage is if you or your spouse starts a business after the wedding. You will want a postnuptial in place to protect this asset from being divided among the two of you in the event of a split.
While it may sound ironic, planning for divorce can actually have a positive influence on your marriage. Having a postnuptial agreement in place will shift the dynamics of power in the relationship, and show that you have a significant stake in the relationship. Talk to a lawyer at the Meyers Law Group if you are a New Yorker who wants to draft a postnuptial agreement!