You and your partner may not be filing for divorce, but that doesn’t mean you shouldn’t discuss the state of your assets. Having a plan laid out to make clear the state of your assets can save you both a lot of trouble in the future.
22% of people get divorced over money problems. Laying out ground rules for assets in a marriage can go a long way to alleviating problems, and if troubles do lead to divorce, you’ll likely be looking at a much less complicated division. Make sure you’re on top of your financial well-being by creating guidelines in a postnuptial agreement.
Fix problems before a break
Your life is ever-changing, and sometimes that means you need the security of a postnuptial agreement. Defining marital property and ensuring financial maintenance can be essential things to outline when looking at significant factors in your life:
- Business interests: If you start your own business, you may want it to stay yours in the event of a divorce. Commingled funds can muddy the waters when it comes to investing in a new business. Make sure you outline your new separate assets to avoid dividing shares and profits down the line.
- Large inheritance: A large share of an estate could be separate property if the benefactor doesn’t name you in the will. Laying ground rules for sharing a windfall could ensure you get a portion if you and your partner go separate ways.
- Outstanding debts: If your spouse is prone to debt, you may not want any part of that in case you divorce. Courts can sometimes split debt as marital property, but you could get in front of any such declarations by labeling the debt as the sole responsibility of your partner.
- Lost trust: Life sometimes holds surprises we never see coming, like losing confidence in your life partner. Regardless of the cause, it could happen to anyone. When you aren’t sure you can rely on your spouse anymore, it may be time to put some things in writing.
A postnuptial agreement could curb financial stresses or deal with assets in a divorce. Get your assets in order before the breaking point to ensure a healthy financial future.