Most people who get married believe that they’ll stay that way, but sadly, that isn’t always true. For wealthier couples here in Kansas, it can be difficult to determine how to handle a divorce settlement, especially at a time when emotions may be running high. Some people realize too late that they should have gotten a prenuptial agreement. However, there is another option for those who may be concerned about the possibility of a high asset divorce. A postnuptial agreement serves many of the same purposes as a prenup and there are several scenarios where a couple may decide it’s the right choice for them.
One reason for a postnuptial agreement is when something happens after the wedding that changes the couple’s financial circumstances. If a couple has a sudden increase to their finances, especially if that change is due primarily to the efforts of one spouse, they may want to legally determine how to split the assets should a divorce occur later. Also, for couples who want to separate, but don’t want to fully divorce, a postnuptial agreement can be a way to determine in advance what each party will receive in a divorce settlement.
The other reason for a postnuptial agreement is for factors that exist before marriage. For example, some older couples who get married have children from previous relationships and want their assets to be passed to their own children. Otherwise, an inheritance may go to the new spouse and his or her own children. Another good reason for a postnup is to protect a spouse’s retirement accounts. The spouse could see a drastic change to his or her retirement savings due to divorce, and may not have enough time to refill those assets.
Whatever a Kansas couple’s reasoning, a postnuptial agreement may be an effective choice. A high asset divorce can be difficult to navigate even in the best of circumstances. A seasoned family law attorney may prove to be a valuable guide through what can be a tricky process.