We’ve written about the importance of updating your beneficiaries, but when you’re going through a divorce, should you update your estate plan while navigating separation or after the divorce is finalized? If you do not have an estate plan, an excellent time to create one is when your marital status changes.Continue Reading...
My last post was about an article about 529 Plans in the February 24-25 2007 issue of The Wall Street Journal. That issue also contained an article on postnuptial agreements. Unlike prenuptial agreements, which are fairly common and addressed in the case law, postnuptial agreements, also called antenuptial agreements, are used relatively infrequently.
Like prenups, postnups can be used to determine the distribution of property upon death or divorce, payment or waiver of spousal support after a separation or divorce, or sharing of expenses during the marriage. Full disclosure of assets and income by both spouses is generally required, and the agreements must be in writing and signed by both parties. Each spouse should have his or her own attorney.
Postnups can be used to update a prenup, memorialize an agreement on property distribution at death in a second marriage, or protect women who plan to take time off from their careers to stay home with their children.