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Is it time to create a postnuptial agreement?

Dec 11, 2020 | Premarital and Postmarital Agreements

When people marry, they often hope to grow old together. As romantic of an idea as this is, growing old together can be a messy, complicated journey. During this time, spouses can go through changes that can either reinforce their commitment to each other or push it to its breaking point.

With all this in mind, couples who have been married for some time may want to think about creating a postmarital agreement, particularly in the following situations.

After a big fight or mistake

Every marriage goes through times of struggle and conflict, from financial challenges to infidelity. During these periods, some spouses think seriously about ending the marriage before ultimately reconciling.

Thinking about divorce can be a wake-up call to people if they realize they have a lot more to lose in a split than they thought. It can also reveal issues with communication and dispute-resolution skills that could make a potential divorce especially contentious. As such, if you reconcile after a big fight, it can be wise to draft a postmarital agreement to protect individuals and provide guidance for resolving conflict.

Before or after dramatic financial events

Receiving a large inheritance, buying a business or real estate property, or suffering a considerable loss of marital assets are all events that can affect spouses and marriage in various ways. It can also affect the property division process if the parties divorce.

A marital agreement can assign property ownership and define financial commitments that reflect new circumstances.

After a health scare or diagnosis

People often reassess their wishes in light of a severe medical event. They think about what they need in terms of money, who they trust and what they want to happen if they become incapacitated or pass away.

In these situations, it can be wise to consider a marital agreement that addresses property division and financial planning measures to shield each other from financial liabilities.

For better or worse, these events can change people and their relationships. Creating a marital agreement that addresses these changes and provides guidance for the future can give both spouses clarity and confidence for the road ahead.