There are hundreds of reasons why a relationship might end. Over the course of a relationship, unforeseen circumstances arise or people simply change and are no longer compatible with one another. Because of the relatively unpredictable nature of human emotions, many people who have decided to spend their lives together try to contemplate a future in which they may no longer remain a couple. Some in Mississippi have turned to postnuptial agreements to help with these plans in the event of a divorce.
A postnuptial agreement essentially serves the same purpose as a prenuptial agreement. However, it is signed after a couple is married. Just like a prenup, it can help reduce the time and expense of a divorce. It also allows couples to be upfront and honest about their financial situation.
Simply put, a prenuptial or postnuptial agreement provides protections for a person's assets. There are a variety of different reasons a person may want the security such an agreement provides. It can give a parent who chooses to leave the workforce to care for children peace of mind regarding his or her financial future. Assets can be protected in order to ensure that children from a previous relationship are not overlooked. Additionally, such an agreement can protect a business, an expected inheritance or financial success.
Many people in Mississippi who have gone through a divorce would say that the end of their relationship was actually a chance to start over. By planning for the possibility of such an end in advance, couples can help disentangle their assets more quickly and with the potential of fewer court proceedings and unnecessary intrusions. While having such a conversation with a spouse or spouse-to-be could be awkward, it could also be the best decision for both people.
Source: ABC News, "Forget the Prenup: Why You May Need a Postnuptial Agreement", AJ Smith, Feb. 16, 2015