Many married couples in Michigan often don’t think about what might happen with their marriage in the future. Unfortunately, many end up getting a divorce. If you didn’t get a prenuptial agreement before getting married, you might want to consider a postnup instead. There are certain signs that you should have one.
What is a postnuptial agreement?
Married couples often don’t want to think about postnuptials, but they might be important. A postnuptial agreement is similar to a prenup. It’s a legal document that is created after marriage instead of before that details how the assets would be divided in the event of a divorce.
What signs indicate that you need a postnuptial agreement?
There are certain signs that couples might need one. One is if you or your spouse or both of you are wealthy. Typically, if you have a lot of money, you might want to protect those assets if something were to change in the future and you and your spouse end up heading for divorce court.
There’s a good chance you need a postnuptial agreement if you are in your second or third marriage and have children from a previous marriage or relationship. It can help you protect those kids and ensure that they get their fair share of an inheritance in the event of a divorce followed by your death. With such an agreement, if you divorce and later die, your children from a prior relationship are protected against your ex getting their hands on your assets and preventing them from getting what they’re due.
If you own a business, a postnuptial agreement can help you protect the income you’ve earned through it. If you don’t have this agreement in place when you have already owned a business prior to getting married, your spouse will likely receive a percentage if you divorce.
Another good reason for a postnup is if you’ve gotten a sizable inheritance that you want to keep for yourself. It can prevent your spouse from getting a portion in the event that you divorce.
