In what situations might a post-nuptial agreement be used?

New York, NY divorce attorney, Ken Jewell talks about the various situations in which a post-nuptial agreement would be used.

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Transcript:

Post-nuptial agreements are used when something has happened within the marriage but the parties either cannot or do not want to terminate the marriage or separate their living arrangements. So what the postnup does is, postnup sort of fits in between a prenuptial agreement which is signed before the date of the marriage and a separation agreement which is when the parties have decided to divorce.

In scenarios where this might be important is, for example, a couple that’s in their mid-50s and one spouse is very, very conservative about how the investment is going to be made and the other one isn’t so conservative and sort of wants to let it all roll. And it’s creating a tremendous strain between the marriage.

What the post-nuptial agreement will do, it will allocate the property so that the spouse who wants to gamble more, shall we say, would be able to do so with his or her own assets. And the spouse who is more conservative will have their own assets legally allocated to them so that there is no longer that dispute between the two of them.