Are you on your second or third marriage? Do you have children from a previous marriage or relationship and would like to make sure they get some of your assets? Have you or your spouse had a sudden increase in wealth?
If you answered yes to any of these questions, a Post-Nuptial Agreement may be the right move for you.
By definition, the Post-Nuptial Agreement is made after the marriage vows are made, and usually occurs if a Pre-Nuptial Agreement has not been created. And while the discussion of money can be an awkward one, it can go a long way to creating less confusion after the marriage dissolves.
Very simply, this legal document will dictate the division of assets at death of one or both spouses, or in the event of a divorce, which could have a major impact on your Estate Plan. It can also dictate alimony (or maintenance as it’s known in Kentucky) payments.
Why get a Post-Nuptial Agreement in Kentucky?
There are many valid reasons to consider sitting down with an attorney and creating a Post-Nuptial Agreement, but here are some of the most important:
- If you have a Pre-Nuptial Agreement, but have had a significant change in your finances or circumstances.
- A Post-Nuptial Agreement will protect business assets in the event of death or a divorce.
- Help ensure that children from a previous relationship will receive some or all the assets you brought into the marriage.
- Prevent your spouse from challenging your Will to try and get a bigger share of your estate at your children’s expense.
- Provide the other spouse with the right to live in the other spouse’s home for a defined period of time.
- It can relieve financial stress.
The bottom line is this: you create an Estate Plan which will take care of your assets in the case of your death, so why wouldn’t you want to protect your assets to the maximum extent possible by using a Post-Nuptial Agreement if you would benefit from one?
Benjamin Franklin once said “An ounce of prevention is worth a pound of cure.”
In the case of marriage, an ounce of prevention can be a Post-Nuptial Agreement which can go a long way to curing chaos, court battles and major expenses at death or if the marriage ends. And, you will protect your assets, your income, and the well-being of your children.
Questions about Post-Nuptial Agreements, and if one is right for you? Contact a knowledgeable attorney that can answer those questions, and guide you through the process.