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Introduction: Postnuptial Agreements are a Commonly Used Instrument
Postnuptial agreements – so-called because these agreements are developed after marriage, as opposed to before marriage – are a commonly used instrument in Maryland. These agreements are the alternative to prenuptial agreements, which are a bit more familiar and a bit more frequently used. Postnuptial agreements are not post-divorce settlements, but are developed and signed during the marriage without any contemplation of divorce (or, at least, not usually with contemplation of divorce).
What are the reasons as to why a Maryland couple should choose to create a postnuptial agreement? Let’s review some of the top reasons.
Your Financial Picture May Be Clearer after Marriage
Although prenuptial agreements are perhaps more frequently created, there may be a solid financial incentive to postpone such agreements until after marriage. One of the primary motivations to develop either a prenuptial agreement or a postnuptial agreement is to provide financial protection; spouses often want to guard certain assets, or ensure that they will not be financially harmed by a divorce in some way. In many cases, a spouse’s financial picture will be clearer after marriage rather than before; this can be the case for plenty of different reasons. Perhaps a spouse’s business takes off after marriage, or a spouse receives a large company bonus, or obtains a different job. Whatever the specific reasons may bein a given case, a spouse’s financial situation may be much clearer after marriage, and this makes a postnuptial agreement the more attractive option.
Many People Have Problems with Prenuptial Agreements
The fundamental purpose of prenuptial agreements is to predetermine certain outcomes in the event of divorce. This is also the case with postnuptial agreements. However, though this is the case, these agreements still have a somewhat negative image to many people; this is particularly true when it comes to prenuptial agreements. Many people view prenuptial agreements as a powerful symbol of distrust, or selfishness, and so these agreements are avoided for this reason. Although the aim of postnuptial agreements is essentially the same, these agreements often don’t carry the same stigma, and so some spouses may prefer them on this basis alone.
Private Agreements Often Carry Significant Benefits
Although they may be perceived negatively by some, postnuptial agreements tend to confer substantial benefits on those who create them. The reason is because these agreements resolve many of the core issues of divorce “in advance,” thereby helping spouses avoid potentially expensive litigation. Litigation is not only costly, but also usually quite stressful, and so there is a psycho-emotional benefit to predetermining many of the issues of divorce with a private agreement.
Contact the Murphy Law Firm for More Information
If readers want more information on postnuptial agreements, prenuptial agreements, property division, or another family law topic, contact one of the family law attorneys at the Murphy Law Firm today by calling 240-219-5243.
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