Money is often at the root of many arguments that married couples in Rhode Island have. After all, people can have different spending habits or different goals for saving money. While some couples have addressed the issue of money in their relationship prior to walking down the aisle, through a prenuptial agreement, not every Rhode Island couple has done so. When a couple's arguments about money become overwhelming and threatens their very union itself, they may wonder what they can do to see eye-to-eye. One option they may want to consider is drafting a postnuptial agreement. Mediation is a great process to use for creating this document.
Like a prenuptial agreement, a postnuptial agreement is a written document that can lay out who will be responsible for what financially, both during the marriage and in the event of a divorce. A postnuptial agreement can include how property will be divided if the marriage doesn't last and it can have provisions relating to how the spouses want their assets passed on after their death.
Couples in Rhode Island creating a postnuptial agreement may want to consider which assets will be owned jointly and which will remain separate property. They also may want to consider who will retain responsibility for which debts. In addition, a postnuptial agreement can address how the money brought into the marriage, via earnings or otherwise, will be allocated. What will be saved and what will be spent? Financial goals, such as a savings plan for a child's college education or a vacation home, can also be included in a postnuptial agreement. Postnuptial agreements can also include provisions regarding estate planning.
Some couples in Rhode Island find the process of executing a postnuptial agreement therapeutic, as the disagreements that the couple have with each other regarding finances are finally expressed in a rational manner. It can help for couples to each retain their own attorney during or after the mediation, to ensure that that each person makes fair and appropriate choices.
Postnuptial agreements may save a rocky marriage, but sometimes a marriage has simply reached its end, and it is best for the couple to part ways. When that happens, having a postnuptial agreement in place can make the divorce process run much more smoothly, as many divorce legal issues have already been sorted out. Those in Rhode Island who want more information about creating a postnuptial agreement may want to consider speaking to a family law attorney.
Source: The Huffington Post, "Why a Post-Nuptial Agreement Can Save Your Marriage," Lynn J. Maier, Esq., Accessed on Dec. 11, 2016