Many couples in Minnesota opted to avoid a prenuptial agreement prior to walking down the aisle. Now, some are having second thoughts about this decision because it appears they may be headed for a divorce down the road. The good news? It is not too late to create this type of marital contract after the marriage. Postnuptial agreements are essentially prenups that are executed after the wedding day.
A postnuptial agreement can address how the parties will divide their assets in the event that they get divorced in the future. This is an especially helpful agreement for those who have accumulated significant assets after tying the knot. For instance, perhaps an inventor’s creation becomes increasingly popular, or a writer’s novel becomes a bestseller. If these individuals increase their net worth rather quickly, a postnuptial agreement may come in handy for protecting their assets from their spouses as much as possible if divorce is inevitable in the future.
To create a postnuptial agreement, both parties must fully disclose their finances. Otherwise, their contract will probably not be enforceable. In addition, contrary to popular belief, these types of agreements are not reserved only for people who are famous or rich.
Creating an enforceable postnuptial agreement in Minnesota can understandably seem complicated, though it doesn’t have to be. An experienced divorce attorney can provide the guidance needed to create a valid and comprehensive contract. The attorney will work to ensure that the agreement fully reflects the client’s wishes and best interests in the long run.