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What about postnuptial agreements?

Many people in New Orleans, Louisiana, have heard of a prenuptial agreement, but what about a postnuptial agreement? Though the two documents are very similar, there is one major difference between the two: prenups are created before the wedding while postnups are created afterward. Both of these give couples the ability to hash out property issues should the marriage ever be dissolved, and in complex asset divorces, this can be extremely beneficial for both parties.

Wealthy couples often struggle to come to an agreement over property division when divorcing. Even when together, it is likely that the majority of these individuals argued about money and wealth during their marriage -- having a considerable amount of both can cause this. Then, when the divorce occurs, either of the spouses may decide that she or he wants more than expected or perhaps a specific asset that was expected to go to the other individual. This is when a postnuptial agreement can be helpful because many of these decisions have already been made before either of the parties filed for divorce.

The advantage of the timeframe for postnuptial agreements is this: If the couple is still married when making decisions about the division of assets, both individuals are more likely to be amicable about the process. Creating a postnuptial can save time and money for the couple, should they ever divorce. Besides this advantage, there are several reasons that couples create a postnuptial. Perhaps they ran out of time to create a prenuptial agreement or one of the spouses received an unexpected inheritance. There is also the possibility that one party is using the document to make up for something that she or he did to the marriage, offering up property for any further wrongdoings. Whatever the case may be, property division can be a hectic part of the divorce. If you are involved in a divorce and have found yourself overwhelmed, speak with a lawyer about your case.

Source:  USA Today, "Why postnups may be picking up" Kelley Holland, Jul. 14, 2013

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