Postnuptial Agreements Can Help Protect Financial Interests in Divorce
PUBLISHERS NOTE:
Over the last 40 years I have seen the benefits that collaborating with various professionals from other fields can achieve in my divorce work. My training and experiences are that of a divorce lawyer, so I know that area of law pretty well. However, many times, creating a multidisciplinary “team approach” with therapists, counselors, financial planners, CPAs, and appraisers can make a world of difference for the client!
So, once Ohio passed the law allowing for creating postnuptial agreements, I reached out to today’s guest contributor, Alyssa Miller. She is the Managing Director of Alternative Divorce Solutions in Centerville. Alyssa and her father and business partner, Ben Feldmeyer, have an excellent reputation in the Dayton community for providing a wide range of financial services and support in divorces, estate planning and other business matters throughout Southwest Ohio.
Alyssa and Ben were very excited after we discussed the potential benefits this statute has opened up in Ohio. Alyssa shares below some thoughts from her perspective as a Certified Financial Planner, Certified Divorce Financial Analyst and a Certified Divorce Coach.
Postnuptial Agreements Help in Ohio: Centerville-Based Alternative Divorce Solutions Provides Financial Advice and Strategies To Navigate the Divorce Process
Recently, the Ohio Family Law Blog explained the new Ohio law allowing postnuptial agreements going into effect later this month. This law expands existing laws concerning the ability for spouses to amend agreements of their legal relationship. Now, postnuptial agreements will be treated the same as prenuptial or antenuptial agreements in Ohio.
Why might someone want to create a postnuptial agreement? Simply put, all relationships change over time. If there is a change in circumstance, you want to be sure your estate planning and financial planning is crafted correctly. Here are a few examples:
Owning a business
When it comes to owning, buying, or starting a new business, or when each spouse owns their own business, it may be best to ensure those interests stay separate. In the case of a divorce, a prenuptial or postnuptial agreement could protect you from ending your business along with the marriage.
Creating a prenuptial or postnuptial agreement that stipulates that the spouse would not have legal rights to the business but would be compensated another way, could ensure the business is not ensnared in the divorce process. Or it may be possible to put into the agreement how the business would be valued in the future so there is no need to negotiate how the business valuation should be handled in the event of divorce.
Inheritance
We often see that couples agree they will use their inheritance or another type of financial windfall as their retirement savings or for a future major purchase. This can lead to making financial decisions, such as saving less today, based on the knowledge an inheritance will be available to use later. If the relationship ends in divorce, the inheritance is considered separate property to the spouse who inherited it, therefore leaving the other spouse with less than they may have planned on.
Planning For Your Future With Postnuptial Agreements
The applications of postnuptial agreements discussed here are just the start of possibilities. By working with a team of financial and legal experts who care about protecting your future, you can focus on what matters most.
As relationships change, sometimes couples find their future is best spent apart. Ensuring your financial and legal wellbeing throughout the divorce process and beyond can be challenging but you don’t have to go it alone. If you have questions about how divorce may impact your financial goals, a Certified Divorce Financial Analyst® can help. At Alternative Divorce Solutions, we provide financial advice and strategies to our clients as they navigate the divorce process. We’re also there to help plan for your financial future post-divorce.
Watch this video below by Alyssa and Ben introducing you to Alternative Divorce Solutions in Centerville, Ohio.
Alyssa Miller is a Certified Divorce Financial Analyst®, Certified Financial Planner® and Certified Divorce Coach® as well as the Founder and Managing Director of Alternative Divorce Solutions in Centerville, Ohio. Visit AlternativeDivorceSolutions.com to learn more or to schedule a consultation. She can be contacted via email at Alyssa@alternativedivorcesolutions.com or by phone at 877 471-4654. Also, check out their website at www.AlternativeDivorceSolutions.com.
© 2023, Ohio Family Law Blog. All rights reserved.
Alyssa Miller is a Certified Divorce Financial Analyst®, Certified Financial Planner® and Certified Divorce Coach® as well as the Founder and Managing Director of Alternative Divorce Solutions in Centerville, Ohio. Visit AlternativeDivorceSolutions.com to learn more or to schedule a consultation. She can be contacted via email at Alyssa@alternativedivorcesolutions.com or by phone at (877) 471-4654. Also, check out their website at www.AlternativeDivorceSolutions.com.
