Couples who have been married for a while in Georgia may consider using a postnuptial agreement as a way to reset their finances. This is a contract that exists between a person and their spouse. Since assets often accumulate during the time a person is married, the agreement will protect the assets if the couple decides to separate or divorce.
There are situations where a postnuptial agreement may be particularly useful. For example, it may help a couple where one partner is not good at handling money. The agreement can address this issue and then help the couple start a new financial plan. It could also be useful in a situation where one partner will be receiving an inheritance in the future and wishes to protect it.
If a couple owns a business that has grown to a significant size, a postnuptial agreement allows them to put protections in place in case of separation or divorce. It gives them the opportunity to discuss problems with the business and how ownership of the business will be divided if a divorce occurs. A fair plan can be laid out when it comes to disposing of assets and passing the business on.
Drawing up a postnuptial agreement is a good time for full disclosure. It allows a couple to look at all of their assets and make a long-term financial plan. They can also discuss their debt. They should discuss how it accumulated and how it will be paid off.
The couple will also be able to discuss what would happen to minor children if a divorce were to occur or how adult children would be factored in the ownership of a business. A family law attorney may be able to answer questions about divorce, child custody, and the division of assets and debts. The attorney might also be able to help a client create a postnuptial agreement.