The majority of California residents are likely familiar with prenuptial agreements. However, a new trend that has started to catch on is postnuptial agreements. These are written agreements signed after the couple is legally married that helps to outline how assets would be divided in the event of a divorce. Here are several indications that a postnuptial agreement may be helpful to you.
You have received a large inheritance
Receiving a large inheritance can have a big effect on your marriage. A postnuptial agreement may be necessary to help ensure that your inheritance stays with you in the event of a divorce. Under normal circumstances, any wealth that comes into the marriage is considered marital property. With a postnuptial agreement, you can help to make sure that it’s considered separate property.
It’s not uncommon for engaged couples to be wary about asking their partner to sign a prenuptial agreement. Unfortunately, if you’ve already been married, you can no longer sign a prenuptial agreement. However, you do have the option to have your partner sign a postnuptial agreement. These postnuptial agreements can help to signify premarital assets that you brought into the marriage as your separate property. In the event of a divorce, the separate property would go to you instead of your spouse.
You have children from a previous marriage
It’s not uncommon for families to be blended in this day and age. Unfortunately, family law statutes have not kept up with these changing dynamics. You may need to have your spouse sign a postnuptial agreement to ensure that children from your previous marriages are still entitled to some of your assets in the event of your death.
A postnuptial agreement may be something that you’ve been considering. If you fit into any of the categories above, it’s a good idea to contact a lawyer to draft up a postnuptial agreement. While postnuptial agreements are not recognized in all 50 states, many states are continuing to adapt to recognize these agreements as a legal contract between both parties.