Stay At Home Parents Protect Yourselves With A Postnup
Stay-at-home parents: Protect yourselves with a postnup
Getting married and starting a family are generally two of the most significant events that can bring a happy couple closer together. However, they can also be critical times to assess the state of a relationship and take a look at the big picture. It may seem quite unromantic to think about individual finances or property rights at times like these, but addressing these issues at a point when a couple is amicable can make things much easier in the long run.
For example, Passaic County couples who have children may decide that one spouse will give up a career in favor of staying home with the children. This could be an excellent opportunity for parents to sit down and discuss what the financial impact of this decision could mean for both their relationship and the financial stability of the stay-at-home parent. One way to address this would be to consider a postnuptial agreement.
Postnuptial agreements can be drawn up after a couple is married and they can achieve many of the same goals that a prenuptial agreement does. A postnup can specify individual property rights in addition to any allowances for spousal support, which can be crucial for a spouse who is not working outside the home. Couples who are starting a family are likely not even considering that they could end up getting a divorce. But the fact is that a spouse who gives up a career can be very vulnerable financially if they do ultimately end a marriage.
A person who chooses to stay home and raise the children is often doing so at a time when he or she is at their highest earning potential and may be giving up numerous opportunities, which could make returning to work later even more difficult. The financial toll this can take on a person cannot be overstated.
But having a postnup in place can give a stay-at-home parent the peace of mind knowing that he or she will be financially supported in the event of a divorce, and discussing these matters with an attorney can give each spouse the opportunity to negotiate terms that are fair and agreeable. Hopefully, a couple will never need to refer to these agreements, but if they do, it is likely that they will be glad to have worked the issues out in advance.
Source: Today.com, “Do stay-at-home moms need a ‘postnup’?” Jeff Landers, Dec. 18, 2013