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Postnuptial agreement may provide protection in a divorce

| Jan 20, 2020 | Divorce |

Two married individuals in the Bay Area may now be questioning their decision not to create a prenuptial agreement before getting married. Fortunately, they can still put together a postnuptial agreement, which can help them to protect their assets in the event that they get a divorce down the road. Here is a look at a couple of situations where developing a postnuptial agreement would be wise.

First, it may behoove married individuals to create a postnuptial agreement if one suddenly becomes wealthy in the course of their marriage. The spouse’s sudden wealth may have come from a successful business venture or book deal, for example. Drafting a postnuptial agreement might be wise because this person may prefer to give up 50% of only $2 million now versus 30% of $20 million down the line.

Second, developing a postnuptial agreement may be expedient if people who are married wish to protect their retirement assets. The truth is, when two people get divorced, their retirement savings are usually trimmed in half. This can unfortunately have an adverse impact on their quality of life during their golden years, and it may even prevent them from retiring at all.

Figuring out how to create a postnuptial agreement can understandably seem complicated, especially for married couples who have many assets or high-value assets. However, a divorce attorney in the Bay Area can easily help with this process. The attorney’s main goal is to make sure that the client’s rights and best interests are financially safeguarded through a well-thought-out postnuptial agreement.