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Thinking about divorce? Before you go your separate ways, you can try this 1 thing instead

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Thinking of getting divorced? You wouldn’t be alone this year – with the pandemic leading to an increase in divorces – or any year, as many couples choose to start over the next 12 months by going their separate ways.

But maybe you are not ready for your marriage to become another victim of COVID-19. There is one middle step you could take before investing the time, money, and energy to get a divorce. Instead, you could plan your divorce – with a postnuptial agreement. This step would allow you to work on your relationship knowing that if it doesn’t work out, you’ve created insight into how you and your partner will divorce.

A postnuptial agreement is exactly what it sounds like. It’s an agreement that is made after a couple gets married, and it’s about what will happen financially if they divorce. It is signed by both parties and is notarized and private.

Now a post-nup cannot address what will happen to the children because child care cannot be covered in a post-nup. There can also be no financial incentive for a spouse to leave the marriage.

Here’s a look at why you might want to consider a post-nup.

Although you and your spouse have chosen to reconcile, you have also decided to define certain terms of personal responsibility and accountability. It’s like saying, “If this happens again, this is what we’re going to do and how we’re going to manage our money and other assets in our divorce.” “

If it isn’t infidelity, your partner may have wasted assets or even gambling. Or, the problem may be an alcohol or drug abuse problem, and maybe you or your spouse have been in rehab multiple times.

A post-nup allows you to reconcile without having additional financial legal risk. In other words, you are not financially penalized for giving your marriage another chance.

The idea is, you make this deal to move forward in the right direction, to get your marriage back on track. You are going to hold each other accountable. If either of you gets it wrong, you know how you’re going to manage your assets when you break up.

If you have a prenuptial or prenuptial marriage that needs to be changed, this is also where a post-nup comes in. Suppose you inherited the money and you don’t want your spouse to get any if you divorce.

Or, maybe your prenuptial agreement says that in the event of divorce there will be no alimony or division of property, but after many years of marriage your financial situation has changed and this has changed. more sense. Maybe your spouse was the breadwinner when you got married, but now you are.

Sometimes big changes in life force a couple to change their premarital period – to accommodate a new way they would like to manage their money in the event of a divorce – and the post-nuptial period is the way they do it. Things change, and sometimes marital agreements have to change too.

Post-nuptial agreements are also common when a partner starts up a new business or business and does not want the spouse to be involved in financial decisions or be able to claim the business in the event of a divorce.

If you are going into business with outside partners, a post-nup might be in order. Your partners may want to make sure that your spouse has no interest in the business later in the event of divorce – or even death.

The arguments for post-nuptial agreements are clear: People forget that marriages are also financial and business relationships. Post-nups help you build a financial plan as a married couple. And they’re made when the two of you are happily married – or at least working towards it.

It is much easier to do the right thing when you and your spouse are still in love and working towards a common goal, which, hopefully, is living together forever. But if luckily that doesn’t happen, you’ve done the planning and hopefully the divorce is less costly, emotionally and financially.

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