Q: Is there such a thing as a postnuptial agreement? If so, what is its purpose?
A: Post-nuptial agreements can be made so long as both parties are open about all assets they control or have rights to. The purpose of these agreements is to ensure that an asset, such as interest in a business owned by one spouse, does not get sold or divided as marital property in a divorce. So if Wife has her own business and Husband has his own business, the two can agree that each retains his or her own business without having to break up the other business to get their share or that the other will pay an equity payment to make up for the difference in dividing all the assets equally. This is a very basic description. These types of agreements can get very complicated. The general idea is to protect assets from being sold or divided in the event of divorce.
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