Post-Nuptial Agreement Can Provide Financial Independence

Prenuptial agreements are sometimes a good option when you are getting remarried.

If you have children from a previous marriage you may be concerned about merging financial assets with your new spouse. To be certain that you have the ability to leave behind personal resources to your children you could enter into a premarital agreement that defines the personal property of each individual entering the union.

Many people in this situation will execute a qualified terminable interest property trust after entering into a prenuptial agreement. With these trusts you arrange for your surviving spouse to receive income from the trust for the rest of his or her life (if you do in fact predecease your spouse).

However, your surviving spouse would have no say with regard to how the principal of the trust is distributed after his or her death. You name these beneficiaries when you create the trust, and they would presumably be your children.

Everyone has heard of premarital agreements, but it is also possible in some states to enter into a post-marital agreement. Yes, you can enter into an agreement with your spouse dividing personal property after you have married. These are not available at this time in Iowa.

You may want to do so for the same reasons that many people enter into a prenuptial agreement if you are a parent. Post-marital agreements can also be valuable for married couples who are planning their estate who cannot agree on the details.

If you enter into an agreement delineating the personal property of each respective partner both individuals can go forward making independent inheritance planning decisions.