By Brett Anderson
St. Croix Advisors
If you're already married, you might want to consider a postnuptial agreement to protect your assets.
After my last post, you might have been concerned that it was too late for a prenup if you’re already married.
While that may be true, there are still options available to you for protecting the personal assets that you brought into and accrued during your marriage.
One that is seldom talked about or even heard of is the postnup. That’s right, the postnup, or postnuptial agreement. It is still a legally binding contract that specifies the division of assets should the marriage dissolve. It contains all of the same elements that a prenup does; however, it’s simply entered into after the marriage has occurred. While not as ironclad, it can still allot a degree of protection if executed correctly.
Chances are you’re reading this because you’re already married. Well, roughly a quarter of all divorces are for couples who have been married two decades or longer. Not to be a naysayer, but with more than half of all marital unions ending in divorce, looking out for your assets (especially if you’re a business owner with others depending on you for their livelihood) just makes sense. If you have questions on a postnup or how to protect your assets, I encourage you to contact your estate planning attorney today.