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Minnesota couples discover new tool to protect assets in divorce

Everyone has likely heard of a prenuptial agreement. For couples with complex financial holdings, such as a family-owned business, a prenuptial agreement is an important tool to protect pre-marital assets, like financial holdings and property interests, in case of a divorce. In addition to the prenuptial agreements, more and more couples are beginning to sign a new legal document known as a postnuptial agreement.

Unlike a prenuptial agreement, a postnuptial agreement is signed after a couple officially ties the knot. On the other hand, like a prenuptial agreement, a postnuptial agreement is legally binding. Both documents allow couples to define what they would like things to shake out in the event of divorce. For those who choose this path, it allows them a little bit of advanced clarity and insurance.

Postnuptial agreements can be signed at any time after a couple weds. Some couples choose to make an agreement when there are signs that things are getting rocky. Others choose make the move long before, for the same reason many couples choose to sign prenuptial agreements. In any case, the goal is to help smooth out some otherwise complicated -- and potentially litigious -- issues before the dialogue begins to dissolve.

Postnuptial agreements can include any of the issues addressed in a prenuptial agreement. The terms of the agreement can include everything from distributing checking and savings accounts, paying debt and child support, dividing personal property and caring for the kids. Some attorneys have even discussed couples that address pet ownership in the documents.

For couples who own their own business, protecting your assets is especially important. It's understandable that emotions can drive the terms of a settlement, but it's important for both spouses to protect the time and effort they've invested in creating a business. By creating a postnuptial agreement, couples can feel more prepared for what may come.

Source: KABC-TV, "Postnuptial agreements becoming more common, signed after couples get married," Rick Romero, Aug. 29, 2012

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