February might be the month of love, but you should also think about how your money figures into the equation. Love is great and all, but money (or lack of it) can ruin it forever.
Even if you’re in a relationship that you think will stand the test of time, things can change. This is where a postnuptial agreement comes in. It is similar to a prenuptial agreement, but it’s done after you’re married. Kimberly A. Cook, a divorce attorney at Chicago-based law firm, Schiller DuCanto & Fleck LLP shared with Black Enterprise five things you should know about a postnuptial agreement:
1. Postnuptial agreements are good to have if you want to protect your initial interest in a business.
2. If you are entering a second marriage, postnuptial agreements can add an extra layer of protection to your assets.
3. If you are legally separated, a postnup could serve to outline how assets will be handled in light of the separation.
4. A postnuptial agreement could help you keep property that has sentimental value to you.
5. If you wanted to draft a prenuptial agreement, but didn’t have the time, a postnup could be your second chance.
Want more information on postunuptial agreements? Read on for tips on how you can know whether or not a postunp is right for you.