Protecting Assets With Prenuptial and Postnuptial Agreements
Our lawyers are well versed in all types of prenuptial and postnuptial agreements under Massachusetts law.
We draft prenuptial and postnuptial agreements, which can help you clarify expectations before or during marriage. Timing is the only real difference between a prenuptial and postnuptial agreement. Both documents provide couples the opportunity to agree on what will happen financially under certain circumstances such as divorce or other liability events.
a prenuptial agreement or postnuptial agreement enumerates one or both of the partners’ assets and stipulates which of these assets will not be jointly held in marriage but instead remain individual property.
Why Create A Prenuptial Agreement
One of the most common reasons for these agreements is to protect an individual’s assets in case of divorce. This is especially important when a couple’s assets are imbalanced; if one partner makes or owns ten times the other’s worth, the assumption of each partner being entitled to half the property at divorce is not equitable.
Prenuptial and postnuptial agreements, however, have many other uses and can serve the needs of many kinds of people. For instance, a prenuptial agreement can protect one spouse’s assets from the other’s liability. For example, if a woman is a doctor, and her husband owns his own business, they may have a prenuptial agreement as part of an asset protection plan. If the wife is sued for malpractice, her husband’s business is not counted as part of her property, limiting her potential payout amount and protecting his business holdings. The reverse is also true, if the husband should be sued for a slip-and-fall incident.
For people who are remarrying and have children from a previous marriage, a prenuptial agreement can make lines of inheritance clear. Whereas liquid assets or a family business would default to a surviving spouse, a prenuptial agreement can specify one’s biological children as the sole inheritors of part or all of one’s property.
With people marrying later and later in life, even relatively young people without great personal wealth still have hard-earned assets worth protecting. Millennials getting married might consider a prenuptial agreement to keep separate assets from each partner’s respective, established career or to protect assets from one partner’s considerable student debt.
Learn if a Prenuptial or Postnuptial is Right For You
Prenuptial agreements are as varied and individual as couples. If you have questions about a prenuptial agreement, call our office. One of our experienced family law attorneys will be happy to discuss your particular situation and the options that may work best for you. We represent clients from Needham, Newton, Wellesley, Weston, and throughout Boston metrowest.