In the last series, we discussed updating your beneficiaries, as well as your estates documents. As you have learned by now, life continues to happen. At some point you may begin a new relationship. After the long and hectic process of your divorce, you hopefully now appreciate the importance of protecting your interests in the event anything should happen. There are a few different agreements that could help you achieve this goal.
If you are unmarried, but living together with your partner, you should consider a co-habitation agreement. A co-habitation agreement essentially protects the interests of individuals who a living together, sharing the lives with a significant other, but are not married at the time. It can state who stays and goes in the residence, what your separate property is, and how things should be divided in the event you part ways or if someone dies during the period of cohabitation.
Should you and your partner end up getting married, you can change your co-habitation agreement to a prenuptial agreement. A prenuptial agreement similarly protects your interests and makes clears who obligations the parties may have to the other during the course of the marriage. In the event of a divorce, it would help streamline the process. Matters such as equitable distribution, spousal support, and alimony can be decided in advance. So this time around, you can avoid the drawn out and costly divorce process, and focus on moving forward with your life.
In the event you already got remarried without even giving any of this a thought, it is not too late, you can still look into a postnuptial agreement. It does everything a prenuptial agreement does, it is just entered into after the parties have already wedded.
Do not be afraid to take control of your life and protect your interests. Speak to an attorney and find out what is available to you and what your best options are.
If you need guidance with your estate planning needs, please do not hesitate to contact a member of our team.
