What is a Postmarital Agreement and Do I Need One?

A postmarital agreement is similar to a premarital agreement, but it's a contract entered into by a husband and wife after they're already married, that determines what will happen in the event of divorce, how to divide their assets and liabilities. A postmarital agreement can benefit people who should have gotten a premarital agreement, but didn't for one reason or another. It can also benefit a couple who's having difficulties with their marriage, they're trying to work things out, and they want to make some agreements about what will happen if the marriage does not work out. The benefits of a postmarital agreement is it takes away the uncertainty of what's going to happen in a divorce. And so, once the divorce is filed, you abide by the terms of the agreement and it's much simpler, and much less expensive. One consideration I would have for anyone who's thinking about getting a postmarital agreement is to consult with a lawyer and find out what happens if I don't have one.

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