{3 minutes to read}  Most of us have heard of a Prenuptial Agreement (“prenup”), which some couples choose to sign before they get married. Prenups usually dictate how a couple will handle financial matters in case of divorce, or in case of the death of one spouse, and also include several other points agreed to by the parties.

But do you know about Postnuptial Agreements?

A Postnuptial Agreement (“postnup”) is an agreement that some couples make during their marriage. It is a document that sets forth how they will manage their finances, a business they started, and pre-marriage property or recently acquired property. The couple can also set new rules to follow within their marriage, such as whether setting up separate bank accounts, in addition to a joint account, makes sense for them. 

I have mediated Postnuptial Agreements with couples who had no plans to separate but who were having difficulties with financial planning for their family. They needed help, especially in identifying their respective issues, what each of them wanted out of the agreement, and finding answers to accommodate everyone’s needs. For many, organizing or re-organizing their finances is at the top of the list:

  • How much to save each month from their salaries?
  • How much to set aside for their children’s education?
  • How to use an inheritance if one has been received?
  • How can they create budgets and set parameters for how much they will spend on travel, on the purchase of a second home, on their cars, and/or on other expenses?

These are just a few of the many questions couples seek to resolve.

The Postnuptial Agreement can also outline how they will handle their finances in case of divorce:

  • What assets will be considered separate, and remain the sole property of the individual titled party?
  • What assets will be considered marital property and how will those be shared?
  • If one or both parties own or start a business, how will they handle it in the context of a separation?
  • What will they do with their home: sell it, keep it joint, or execute a buy-out between the parties?
  • Will the non-working parent receive a lump sum of money? What about spousal support? How will this be calculated?

Here again, these are just examples of issues that can be included in a Postnuptial Agreement. Couples often have many other questions that need to be addressed and a Postnup is an excellent way to handle them.

If you or someone you know would like to discuss the possibility of creating a Postnuptial Agreement, please feel free to contact me.

Jennifer Safian

Jennifer Safian

jennifer safian. divorce and family mediator
divorce and family mediation
upper east side of manhattan (nyc)
new york, ny
(917) 881 5206
jpsafian@gmail.com
Jennifer Safian

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