There are many sources of new wealth for the citizens of Albuquerque, including within the tech, tourism, and private services sectors. When someone begins a new business or acquires a significant amount of new debt, their decisions can have an impact on how those assets and debts may be divided if they were to get a divorce or one spouse were to die in the future.
One way to ensure that the parties of the marriage retain the right to decide on their own how this occurs is through a postnuptial agreement. Though not as well understood and far more scrutinized in some cases than a prenup, there are some logical reasons why a married couple would enter into this type of marital agreement, and some services an Albuquerque postnuptial agreements lawyer could provide to ensure that the contract is enforceable.
A postnuptial agreement is similar to a prenup in that it is a legally binding agreement between two parties about how they would divide certain assets in the future such as real property, businesses, and inheritances. However, while a prenuptial agreement is entered into by the parties of the marriage before the marriage takes place, the postnuptial agreement occurs while they are already married.
The main purpose of the postnup is to clearly define what is marital property and what property belongs to each spouse separately, what happens to the marital property upon death or divorce, and whether one spouse will receive support from the other after a divorce. By deciding these issues in advance, the couple may save a significant amount of money on asset division if a divorce does occur.
Having children from a previous relationship is one of the main reasons for a postnup, as it allows a parent to ensure those children will receive their fair share of the inheritance. Protecting business ownership and reflecting significant changes in one of the party’s financial situations, such as acquiring new assets or debts, are other reasons some people seek a postnuptial agreement. An attorney in Albuquerque could help a couple determine what to include in a postnuptial agreement.
An experienced postnuptial agreements lawyer from Duran & McDonald in Albuquerque focuses on three important aspects of this type of agreement in order to ensure that it is enforceable in court. Those aspects include:
A postnuptial agreement can be entered into at any time after the marriage takes place, and the cost of having a lawyer draft and review this agreement depends on factors that include the complexity of the assets involved and how long it takes for the parties to agree on the provisions of the contract.
Postnuptial agreements are yet another tool that people can use to protect their wealth and clearly define how assets will be divided upon death or divorce. There are many times when this type of agreement can be useful and one of the many services our Albuquerque postnuptial agreements lawyer can provide is a determination of whether this type of agreement is the best tool to use for the specific issue that a person is dealing with. To learn more about postnups and the services we can provide for you, contact us today.
