A postnuptial agreement is a legal document that outlines the division of assets and liabilities between married couples in the event of a divorce. It is created after the marriage has taken place, unlike a prenuptial agreement which is created before the marriage. Here are some tips on how to create a postnuptial agreement.
1. Hire a competent attorney
It is crucial to hire a knowledgeable and experienced attorney who will guide you through the process of creating a postnuptial agreement. The attorney will assist you in identifying the assets and liabilities that you want to include in the agreement and ensure that the document complies with the state laws.
2. Identify the assets and liabilities
List all the assets and liabilities that you want to include in the agreement. These may include bank accounts, investment portfolios, real estate properties, vehicles, debts, among others. It is important to be honest and transparent about all the assets and liabilities to prevent future disputes.
3. Determine the division of assets and liabilities
Decide on how the assets and liabilities will be divided in case of a divorce. This may include the percentage of each partner`s share, the method of valuation, and the mode of payment. It is important to make sure that both partners are comfortable with the terms of the agreement.
4. Consider future changes
The postnuptial agreement should take into account any potential changes in the future. For instance, if one partner is planning to start a business or acquire additional properties, the agreement should reflect how such assets will be treated in the event of a divorce.
5. Review and finalize the agreement
Once the agreement is drafted, review it carefully and consult with your attorney to ensure that all necessary provisions are included. Once you are satisfied with the document, it should be signed and notarized by both partners. Make sure to keep a copy of the agreement in a secure location.
In summary, creating a postnuptial agreement can help protect your assets and liabilities in the event of a divorce. Hiring a competent attorney, identifying the assets and liabilities, determining the division of assets and liabilities, considering future changes, and reviewing and finalizing the agreement are crucial steps in creating a legally binding postnuptial agreement.