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Once taboo, “postnups” gain in popularity with younger couples

September 25, 2020/in Prenuptial Agreements/by

Beyonce, Heid Klum, Rupert Murdoch – what do they all have in common? Many would say an obscene amount of money, and they would be correct. But these well-known celebrities share something else in common: they all allegedly signed postnuptial agreements with their respective spouses.

Postnuptial agreements are a contract that establishes rights to property, assets, and other possessions in the event of divorce or a spouse’s death. They’re similar to their sister agreement – the prenuptial—except they occur after the marriage; hence, “postnuptial” instead of “prenuptial”.

This formerly taboo marital contract—once seen only in uber wealthy circles—has grown popular among younger couples of all socioeconomic standings.

This newfound popularity is driven by changes in marital culture, according to observers referenced in an article published by Harper’s Bazaar.

The driving force behind postnuptial agreements

Firstly, millennials are getting married at older ages and often have more assets at the time of marriage. Spouses entering marriage with more assets have an innate desire to ensure those assets are protected in case of separation or death.

Postnuptial agreements as a means of asset protection are especially valued in instances of transmutation, when individually owned property becomes marital property. For example, if you inherit a vacation house from a deceased parent, and you’re married, this becomes marital property. With a postnuptial agreement, you can ensure that a possession of such sentimental value ends up in the right hands.

According to the article, younger generations also perceive marriage differently; they view marital unions as practical life choices between two consenting adults, rather than spiritual unions. In a sense, their understanding of marriage is more transactional. Decades-long business relationships are still governed by contracts, so why not husband and wife?

Next steps in seeking a postnuptial agreement

Postnuptial agreements may not be for everyone, but they may be of great benefit to many couples. Interested spouses can always consult with an experienced family lawyer before signing any kind of legal document.

Family law lawyers have experience with the law governing visitation, child custody, and divorce. They’re able to tease out issues that might not be apparent given the literal language of a contract, ensuring the rights of all parties are protected and saving everyone considerable hardship down the road.

https://www.philmcleoddivorce.com/wp-content/uploads/2021/03/Philip-A-McLeod.png 192 192 On behalf of Law Office of Philip A. McLeod, P.A. https://www.philmcleoddivorce.com/wp-content/uploads/2021/03/Philip-A-McLeod-PA.png On behalf of Law Office of Philip A. McLeod, P.A.2020-09-25 10:20:242021-04-13 02:18:30Once taboo, “postnups” gain in popularity with younger couples

Who gets the house in a divorce?

September 15, 2020/in Divorce/by

For many Florida residents, the family home is one of their biggest assets. The house is also the asset with the most emotional attachment. There are many questions that need to be answered in a divorce and what to do with the family home can be the most contentious. There are common ways a Florida home can be settled in the divorce negotiations.

Selling the family home

If neither spouse wants to keep the house or if one spouse can’t afford to keep the house on their own, selling the home makes the most sense. The couple can put the home on the market and try to get the best price possible. They would then split the proceeds and walk away from the home.

One spouse buys out the other spouse

In this situation one spouse sells their share of the house to the other spouse. This can happen when the primary caregiver of the children wants to remain in the home and keep as much normalcy as possible. Typically, a new mortgage is taken out with the one spouse listed on the title. It is important that the spouse taking over the house is able to pay for the monthly mortgage as well as insurance, upkeep, and taxes.

Co-ownership

Sometimes a couple decides to keep the family home with the primary caregiver staying in the home with the children for a defined period of time. Typically this can be until the last child leaves for college or some other major life change.

A legal professional who is skilled in divorce can help their client determine what their best options may be for the family home. They can help negotiate a settlement that makes sense for both now and into the future.

https://www.philmcleoddivorce.com/wp-content/uploads/2021/03/Philip-A-McLeod.png 192 192 On behalf of Law Office of Philip A. McLeod, P.A. https://www.philmcleoddivorce.com/wp-content/uploads/2021/03/Philip-A-McLeod-PA.png On behalf of Law Office of Philip A. McLeod, P.A.2020-09-15 11:45:282021-04-13 01:46:40Who gets the house in a divorce?

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