Marriage is, in very real sense, a contract to be together for life, through thick and thin. Hopefully, that’s not a difficult choice. But what about all of the other “stuff” that can get in the way of such plans?
The stuff that can throw a monkey wrench into a marriage are things like children from a prior marriage, separate assets and estate plans, and, yes, even inheritances. So, even if you did not work out agreements regarding such stuff before exchanging vows, there’s always a cure after the fact. Enter the postnuptial agreement.
According to recent studies and an article in Private Wealth titled “Postnuptial Agreements On Rise, Lawyers Say,” you may never have considered a ‘postnup’, but an increasing number of people have and are. Across various incomes, married couples have found them to be valuable tools. There are many reasons to support this trend, even between spouses who otherwise would not ordinarily commit such agreements to paper.
Then again, even if you’re not a newlywed, you may want to ensure even your own children make the best of themselves and their future inheritances. Accordingly, postnuptial agreements can provide a practical pre-condition for an heir and spouse to adopt as part of your estate planning.
At this time, however, postnuptial agreements are not recognized by Ohio law, so if you live in Cincinnati or elsewhere in Ohio, you will need to look to other alternatives. The best of which is to sign a prenuptial agreement in advance of marriage.
If you have any questions about any of the information contained in this blog, see my estate planning website or contact Cincinnati attorney David H. Lefton at 513-399-PLAN (7526) or by email at firstname.lastname@example.org.
Reference: Private Wealth (September 12, 2012) “Postnuptial Agreements On Rise, Lawyers Say”