Couples have many reasons to keep specific assets separate from marital property. Entering a postnuptial agreement will establish a strategy to do just that.
You and your spouse should be on the same page about which property you wish to keep separate, something a knowledgeable marital agreement attorney can help with. A postnuptial agreement will make any proceedings later in a marriage less complicated. Call a Guilford postnuptial agreements lawyer today to learn more.
A postnuptial agreement sets certain rules and guidelines governing the ownership and management of assets during marriage. It also determines how a couple will decide on property liabilities and spousal support in the event of a possible dissolution. However, a postnuptial agreement will not be valid if the parties do not intend to remain married.
Any property the parties define as “separate” in a postnup will remain that way, including property acquired during the marriage. For example, a postnuptial agreement could help a couple define separate property by determining the income and retirement assets they receive during a marriage. This is important because Connecticut is an “all-property” state, meaning the court views all property as marital property to be divided up in a divorce unless a prenup or postnup specifies otherwise.
A seasoned attorney in Guilford who works in postnuptial agreements can help a couple define separate property during a scheduled meeting.
Ideally, parties enter into a postnuptial agreement early in their marriage. However, a significant shift or change in financial circumstances, such as a sudden increase in wealth or a change in business ownership, often prompts spouses to consider one.
A couple may have never signed a prenup and later decide they want to create a postnuptial agreement. This typically includes an individual with business assets, family money, or other significant property before marriage that a couple agrees to consider separate.
One person might want to assign specific assets to children from prior relationships or parents. Without a postnuptial contract, the law considers the assets as marital. Having no agreement can complicate an individual’s ability to pass the assets to a beneficiary other than their spouse.
A postnuptial agreement ensures that nothing prevents other beneficiaries from receiving property. Without such an agreement, a spouse could have a basis to object to the beneficiary award in probate court, potentially leading to a legal dispute and additional costs.
An individual can also use a postnuptial agreement to carve out an asset such as a business. It would state this asset as separate property that another individual cannot manage, inherit, or own. The spouse interested in the company can manage, control, and dispose of that business as they see fit.
A hardworking Guilford lawyer can help a couple create a postnuptial agreement that works for them.
It can be challenging to decide and agree on a postnuptial agreement. Often, a couple enters into this agreement for a specific reason. As a spouse, you intend to remain married to your partner, but you still want to ensure that your assets are secure.
Reach out to our law office today to retain a Guilford postnuptial agreements lawyer for guidance with this complex process. Our compassionate family attorneys can ensure that you set yourself up for success regardless of what the future holds.
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