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Postnuptial agreements good option to solve marital strife

There's a saying that money can't buy you love. While definitely true, there is no doubt that for millions of married couples, money is a major source of marital conflict. In an effort to alleviate much of the stress and concern associated with financial matters, a growing number of American couples are choosing to draft both prenuptial agreements as well as postnuptial agreements.

While the popularity of prenuptial agreements has been longstanding amongst wealthy American couples, today even couples of modest means may choose takes steps to effectively protect individual assets. In addition, more than 50 percent of family law attorneys report to seeing an increase in the number of clients seeking postnuptial agreements. Many expect the number of married couples seeking a postnup will only grow as the number of same-sex couples who choose to marry increases.

While still not as common as prenuptial agreements, postnuptial agreements can be used to accomplish many of the same objections as a prenup. Some family law attorneys report seeing an increase in the number of married couples seeking a postnuptial agreement to protect property rights, retirement benefits and inheritence.

When a couple is already married, a postnuptial agreement is often the most effective way to ensure these types of assets are protected. Taking the steps to protect individual assets can help allieviate concerns that a spouse could potentially walk away with 50 percent of said assets. Terms laid out in a postnuptial agreement can also greatly reduce conflict in a marriage and help both spouses better understand one another's viewpoints.

New York residents who are planning to marry would be wise to think carefully about whether a prenuptial agreement makes sense. In cases where a couple is already married and the protection of financial assets are a concern, a postnuptial agreement may be appropriate. 

Source: USA Today, "Why postnups may be picking up," Kelley Holland, July 14, 2013

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