Much can change in a marriage after saying “I do.” From acquiring a variety of assets to accepting new job positions or moving to new places, very few things tend to stay the same. Whether a Pennsylvania couple signed a prenuptial agreement at the time of their wedding or decided it was not necessary, a postnuptial agreement could help cover new issues that have arisen over time.
Clarify marital assets
Although there are a few exceptions, assets that are acquired over the course of a marriage are typically considered marital property. During divorce, marital property must be divided in a process called property division. A postnuptial agreement allows couples to go ahead and clarify who will receive which assets in the event of a divorce. Assets that are typically covered by an agreement include:
- Savings accounts
Postnuptial agreements are useful for more than just property division. They are also commonly used to address issues like insurance policies, inheritance payments and jointly owed debts. While having these issues tidied away can help ease some of the tension during a divorce, many find that they experience the benefits even during marriage. Simply having the opportunity to tackle difficult financial discussions can lift some of the stress from a marriage.
Some Pennsylvania couples may feel hesitant about the idea of a postnuptial agreement, especially since many associate them with impending divorce. This is not the case however, as happily married couples often use prenuptial or postnuptial agreements to create a sense of added security. Learning more about these agreements and how to make sure that they are legally enforceable can be helpful for easing some people’s concerns.