Postnuptial agreements are legally binding contracts established by couples after their marriage begins. Couples will typically implement a postnuptial agreement after certain major life changes occur. What those agreements contain can vary widely based on the couple, including some estate planning elements and, much like an antenuptial (prenuptial) agreement, some agreements over what would happen to assets and debts after divorce.
Below are some circumstances in which you may consider implementing a postnuptial agreement of your own:
- New assets: Significant new assets, such as investment accounts, inheritances, business interests or other windfalls, may prompt you to consider a postnuptial agreement. These agreements can contain terms about what happens if you need to sell a business, if there is a death in the family or if the two of you divorce.
- Significant illness: If one of the two of you falls ill with a condition that could result in death, a postnuptial agreement can help you account for your assets and debts and ensure they are protected if the person who falls ill passes away.
- New debts: If significant new debts occur during the course of the marriage, a postnuptial agreement can help you outline responsibility for those debts if the marriage ends in divorce.
For further information on postnuptial agreements and when you might need one, consult an experienced Minnesota family lawyer with Appelhof, Pfeifer & Hart, P.A.