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Is it a good idea to get a postnuptial agreement?

On Behalf of | Nov 25, 2019 | high asset divorce |

Thankfully the divorce rate in Michigan has not gone up in the last several decades, but it still hovers around 50%. Many couples with higher assets plan a prenuptial agreement prior to getting married. However, for those couples who do not have a prenup, a postnuptial agreement can be a valuable asset in the marriage.

According to Forbes, a postnuptial agreement can actually make a marriage stronger. Conflict can arise at any point in the marriage but formulating a legal contract with the other person can help address those conflicts without the emotion. A couple who rushed into their marriage can find a postnuptial agreement is quite similar to a prenup.

Couples with higher assets may not have started out that way. A postnuptial agreement allows the couple to go back and address their change in finances to better secure the future of both spouses. The decisions made in the agreements help mitigate the impact of negative emotions on decision-making during a divorce.

FindLaw recommends including how the couple wishes to divide debts, property and assets in the event the marriage ends in divorce. The agreement can outline spousal support parameters that can be useful not only in divorce but also when one spouse passes before the other. These can be especially useful when one party has had more than one marriage.

The agreements do not have anything to do with the custody or support of any children from the marriage. Having the financial and property decisions ironed out ahead of time can reduce the amount of time and money spent during the divorce proceedings.