After the Wedding Day – The Post-Nuptial Agreement
Congratulations! The nuptials have been made and now you are starting a new life together! However, the wedding day was only the beginning. Life is going to happen with all of its unpredictable waves and maneuvers.
Regardless of any premarital discussions about how this life change was going to impact your day-to-day practices and financial matters, it is important to remember that a marriage involves a team that must strive for a healthy home, lifestyle, and family. Although you may believe that you and your spouse can endure anything together, there are times when the assistance of professionals is crucial. Some of those professionals that may immediately come to mind include a financial advisor, a family therapist, and an accountant. Since a marriage encompasses a complex financial and emotional relationship between spouses, be sure to schedule regular checkups with these professionals to keep your marriage healthy.
But one professional that does not often come to mind is an attorney. Many stressors in a marriage could very well be addressed by checking in with an attorney. Do you have a family business? A business law attorney will provide you crucial information to protect not only the business but also your family. Do you have an estate that you want distributed to your children? A trust and estates attorney will provide you crucial information to establish a Will, Power of Attorney, and Trust that addresses your family’s particular needs. Do you continue to have financial concerns about the assets and debts contained in your name or the name of your spouse, especially if said concerns are causing strain to the relationship? A family law attorney can assist in creating an agreement that removes some of that financial strain and uncertainty.
In particular, because the financial situations of each spouse will change over the duration of a marriage, some couples find benefit in a marital agreement after the date of marriage, also referred to as a Post-Nuptial Agreement. I have seen a Post-Nuptial Agreement help couples remove financial concerns in an effort to focus on rebuilding or strengthening the emotional relationship in the marriage. No one wants dollar signs to prevent love from flourishing, but too often couples resort to divorce due to financial strain instead of utilizing the Post-Nuptial Agreement. A Post-Nuptial Agreement may also be used to revise a Prenuptial Agreement.
Although the laws surrounding a Post-Nuptial Agreement are a bit stricter than those for Prenuptial Agreements in North Carolina, there is still room for creativity to address the specific concerns arising in your marriage. Some common uses for a Post-Nuptial Agreement occur in the following situations:
- Real Property: One spouse bought real property prior to or during the marriage, and the spouses agree that said real property should be the sole and separate property and responsibility of one spouse during the marriage or in the event of a divorce. A Post-Nuptial Agreement can establish just that.
- Business Interests or Investments: One spouse wants to invest in a risky business venture or place a bet on a risky investment, and the other spouse wants nothing to do with it. Or, without the contribution of the other spouse in any way, one spouse has worked tirelessly to create a business to watch it flourish, and the spouses agree that said business should belong to that spouse as property separate from the marriage. A Post-Nuptial Agreement can ensure the business interest becomes the sole and separate property and financial responsibility of one spouse.
- Separating Assets and Debts: Maybe one spouse only shops at the thrift stores while the other spouse likes a lot of shiny objects and designer brand items. A Post-Nuptial Agreement can address each spouse’s unique relationship with money and ensure the other spouse is not negatively impacted either during the marriage or in the event of a separation and divorce.
- Infidelity: An extramarital affair is detrimental to a relationship; however, for those spouses who want to protect against infidelity or want to rebuild the marriage after an instance of unfaithfulness, a Post-Nuptial Agreement can establish fines, set boundaries on behaviors, or distribute property in a certain manner to provide a more conducive environment to work on the marriage.
Although a Post-Nuptial Agreement is drafted with the intention of the spouses to work on the marriage, this type of agreement can also establish parameters on what will happen in the event of a separation. Don’t wait to address marital concerns. When one spouse has given up on the relationship, it is likely too late to avoid divorce.
If you would like to learn more about Post-Nuptial Agreements, our Modern Legal team is here to help.
Please note: these educational materials are based on North Carolina law where my legal practice is based. While the insights may have wide applicability, readers should consult with an attorney regarding the specific laws in their state or country.
Written by: Theresa E. Viera
