Prenuptial agreements can be an unpleasant topic of discussion, especially as a couple begins to plan their life of matrimony together. For this reason, many people forego signing one.
Increasingly, people are realizing the value of such assurances after they tie the knot. Fortunately, being married does not preclude a couple from entering into a contract that affords the same assurances as a prenuptial agreement. It is called a postnuptial agreement.
This article lays out how a postnuptial agreement works and why you might want to consider one. Keep reading to find out what advantages it can afford.
What Is a Prenuptial Agreement?
A prenuptial agreement is a contract between two people before their wedding. It is a contract that outlines how assets and debts will be handled should the marriage dissolve.
This includes real estate and personal property, like art, furniture, jewelry, and cars. It also pertains to cash, bank accounts, and investments.
A prenup can also include lifestyle clauses. These involve the circumstances under which the marriage ends.
They are legally binding instructions that dictate things like custody arrangements and financial repercussions during particular circumstances. A common one is if infidelity contributed to the marriage ending.
What Is a Postnuptial Agreement?
As you may have already guessed, a postnuptial agreement is entered into after the couple is married. Like a prenup, it is a legal document that outlines how assets and debts will be divided in the event of divorce, separation, or death.
There is no time limit after the wedding for when you can sign a postnup. It can even be years after you become married.
One of the most attractive aspects of a prenuptial agreement is that it gives couples certainty about what happens if a marriage ends. The postnuptial agreement allows them to make this same decision after they are married.
Another big reason that people get a postnup is that it can be more enforceable than prenups. For instance, one party might feel that they have insufficient negotiating power or not enough time to consider a prenup. To avoid this situation, a couple might wait until after the wedding to iron out the details of the agreement in a postnup.
A final reason that couples seek a postnup is when unforeseen marital issues arise. Again, a common one is infidelity. For example, the couple may wish to remain in the marriage, but the non-cheating spouse may want financial backing to ensure further unfaithfulness will not occur.
From a legal standpoint, a postnup functions the same way a prenup does from the time that it is signed. There are some exceptions though, and that has to do with jurisdiction. In some locations, postnups are not enforceable and can be subject to legal challenges.
To find out if you live in one of these places, it is best to consult a family lawyer, such as the one linked here. This will ensure the agreement holds up in whatever state or county where you live.
Learn More About Family Law
Now that you understand what a postnuptial agreement is and how it can be used, you can determine if it is right for your circumstances. It is a great way to provide certainty for your assets should the unexpected occur.
We hope you found this information on postnups helpful. If so, be sure to take a look at some of our other posts on legal issues, as well as those on health, news, technology, entertainment, and many other topics.
