Engaged couples in Florida usually spend much of their time dreaming and planning their wedding and honeymoon, but do not spend much time talking about finances and future situations. In fact, the thought of drafting a prenuptial agreement seems laughable for many, especially in the happy months leading up to saying ‘I do.’ However, once the honeymoon phase has passed and real life kicks in, thinking about the future may become more of a focus. It is in these times when a postnuptial agreement may be discussed.
Why should you have a postnuptial agreement? While it may not be for every couple, ABC News discusses some situations in which it is beneficial. Some of the circumstances in which a postnup is a good idea include:
- One spouse quits working to raise children
- Second marriage with kids from the first marriage
- Joint business owners
- Recent increase in income
- One partner has been unfaithful
- Expected inheritance
While talking about finances can be difficult, it is important both partners understand and are on the same page. When drafting a postnuptial agreement, the Kentucky Bar Association gives advice on important provisions that should be considered in the event of divorce or death. These include full disclosure and value of assets, whether income will be shared or considered separate, how joint assets will be divided, how property will be distributed, if spousal support should be pre-determined and beneficiary designations.
In the agreement, each spouse should acknowledge they are entering into it voluntarily and agree on all provisions. Any modification or amendment needs to be executed and agreed upon by both parties in order for it to be effective.