Drafting Your Postnuptial Agreement Correctly
Married couples may elect to use postnuptial agreements to clarify ownership of assets similarly to the way a prenuptial agreement does before marriage. There are a number of reasons that some couples opt to put postnuptial agreements in place. Some of the most common are:
- As a reconciliation tool after a period of marital discord or separation.
- As a way for husbands and wives to organize their financial lives — both assets and debts — separately.
- As a means of keeping level of risk for each spouse separate, such as when one spouse is engaged in business formation with other partners.
- As a tool for easing spouses’ concerns about any financial activity or risks that one or both are engaged in.
Unlike the preparation of prenuptial agreements, which are specifically addressed in Connecticut statutes, postnuptial agreements are not described in existing state laws. However, the processes and effectiveness that go into creation of a postnuptial agreement will be very similar to those of a prenuptial agreement. Postnuptial agreements have been recognized and upheld in Connecticut family law courts.
Note: Some people may believe that putting together a postnuptial agreement will eliminate necessary legal work in the event of a divorce. While a postnup should streamline the process of inventorying and dividing assets, it does not completely take away the need for groundwork that will be necessary in case of a divorce. There is always the possibility of changes in circumstances and asset portfolios over time.