People often talk about the benefits of creating a prenuptial agreement. Unfortunately, this information could come too late for couples who are already married. If you find yourself in this position, you have options. One of which is a postnuptial agreement.
If a postnuptial agreement could be right for you, be aware of mistakes that could undercut your efforts.
Creating one without legal guidance
State laws require parties to have legal representation when executing a postnuptial agreement. But beyond the legal requirement, working with an attorney when you create a postmarital contract can be immensely helpful.
A legal representative can help you make informed decisions and navigate the legal system. Without this type of guidance, you can wind up overlooking requirements, leaving yourself exposed to financial losses and dealing with frustrating delays.
Failing to put it in writing
Having a postnuptial agreement in writing is another requirement of state laws. But again, even if the law didn’t require it, it is in your best interests.
Putting any contract in writing makes it easier to enforce and refer to, if necessary.
Unfortunately, this step can seem like little more than a formality for some spouses. You probably love and trust each other, even if you have been through difficult times. And you might feel like talking about it and being on the same page will suffice. However, memories, feelings and circumstances change, so having an agreement in writing is essential.
Deciding against one
Perhaps the most common mistake you can make regarding a postnuptial agreement is deciding you don’t need one. You might think you have nothing to protect or that your marriage will stand the test of time. You could feel like the laws are reasonable, and little would change with a marital contract.
But the fact is that postnuptial contracts protect people going through difficult times they may not ever see coming. They can preserve your individual assets and safeguard your legacy; they can set ground rules to avoid acrimonious disputes.
If you are already married and wish you would have created a prenuptial agreement, a postnuptial agreement could be an option worth considering. Avoiding these mistakes along the way can help you make the effective contract you deserve.