If you’re familiar with the marriage process, you most likely have heard of a prenuptial agreement, also known colloquially as a prenup. But have you heard of a postnup? Not many people are familiar with postnuptial arrangements and how they could benefit a marriage. To learn more about marriage contracts and how you can create a postnuptial agreement with your spouse, read on or reach out to a Somerset Count Prenuptial Agreements Attorney today!
WHAT IS A POSTNUPTIAL AGREEMENT?
Postnuptial agreements are similar to prenuptial agreements, the only real difference is when they are created. As the title suggests, a prenup is written up and signed by a couple before their marriage. They can be used by couples of all financial backgrounds, but they are mainly used by high-net-worth couples to establish how their marital assets will be handled during the marriage and how these assets will be divided between the spouses if they end up divorcing. Meanwhile, postnups are created by couples who are already married, but they serve a similar purpose. Postnups are mainly utilized for outlining how the marital assets will be split in the event of divorce, and they can be used to amend the prenup. A married couple can make a valid postnup whether or not they created a prenup before the marriage.
WHAT ARE THE BENEFITS OF POSTNUPS?
Married couples can benefit from a postnuptial agreement for many different reasons, depending on the purpose of the document. A postnup can make amendments to a prenup, which could be helpful if the prenup is no longer relevant. For example, if one spouse unexpectantly starts making a much higher salary than the other spouse during the marriage, their prenuptial agreement might no longer be viable. A postnup can fix this issue.
Some couples decide to create a postnup when they are going through a rough patch in their marriage. A postnup can serve as an opportunity for open communication between conflicting spouses. Not all postnuptial agreements need to be legally binding. If a couple has been married long enough to trust each other wholeheartedly, then they can write a postnup to openly discuss their marital finances. Even if the postnup is not a legal contract, the couple could refer back to it when needed. Postnuptial agreements can also be utilized to allow couples to become financially independent of one another while still staying married.
If you’re thinking about forming a postnuptial agreement with your spouse, you might consider speaking with a divorce lawyer for legal advice. No need to worry because Siragusa Law Firm is on your side! Contact us today for quality legal counseling with a compassionate and seasoned attorney.