Married individuals in Texas who are considering a financial reset may be interested in learning about a postnuptial agreement. It is similar to a prenuptial agreement, but it is signed by both spouses during the marriage as opposed to before it. It will protect assets that are accumulated during a marriage in case of future separation or divorce.
There are several scenarios where a postnuptial agreement may prove beneficial for a couple. One situation would be where one of the partners is anticipating receiving a large inheritance. Alternatively, it could be that one of the spouses is not the best at handling money, so the postnuptial agreement could help the couple establish new money routines. It may also be beneficial if a couple owns a business together that has grown to a significant size.
When determining what to include in a postnuptial agreement, several factors need to be looked at. These would include debts, assets and significant investments that the couple has made. Family members may be taken into consideration, especially if the couple has minor children or adult children who are involved in a family business. A plan may be laid out for what will happen to a family-owned business in case the couple’s marriage fails.
Drafting a document like a postnuptial agreement can take time. It may be beneficial to include professionals in this process, like a financial planner and accountants.
When drafting a postnuptial agreement, some couples decide that it is best for each one of them to have their own attorney. An attorney may answer an individual’s questions about how a divorce could affect their business and their personal finances. In addition to helping to draft a legally binding document, an attorney might represent a client in court if it is necessary.