A prenuptial agreement, or “prenup,” is often thought of as something you need to sign before getting married. Many people believe that it’s too late to get one once you’re already married. However, that’s not entirely true. While you can’t sign a prenuptial agreement after marriage, there is an alternative: the postnuptial agreement. In this article, we will explain what prenuptial and postnuptial agreements are, how they work, and whether or not you can get one after marriage.
What Is a Prenuptial Agreement?
Before we dive into postnuptial agreements, let’s take a quick look at what a prenuptial agreement is. A prenuptial agreement is a legal contract that a couple enters into before getting married. It outlines how the couple’s assets and liabilities will be divided if the marriage ends in divorce or separation. This agreement helps to protect both parties, particularly if there is a significant difference in wealth, or if one or both parties have children from a previous relationship.
A prenup can cover a range of financial matters, including:
- The division of property and assets.
- Spousal maintenance or alimony.
- Protection of inheritances or gifts received before or during the marriage.
- The distribution of debts.
It’s important to note that prenups aren’t just for the wealthy; they can benefit anyone who wants to ensure that their assets are protected in case of divorce. They are particularly useful for individuals with significant assets, business owners, or those who want to avoid lengthy and costly court battles in the event of a divorce.
What Is a Postnuptial Agreement?
Now that we understand prenuptial agreements, let’s talk about postnuptial agreements. A postnuptial agreement is very similar to a prenup, but it is created after you get married. A postnup allows you and your spouse to specify how your financial assets will be divided if the marriage were to end in divorce or separation. Essentially, a postnup serves the same purpose as a prenup but comes into play once the marriage has already begun.
Postnups can be especially useful for couples who did not get a prenup before marriage or for those whose circumstances have changed after they got married. For example, if your financial situation has changed, or if you have children and want to ensure their needs are considered, a postnup can be a good solution.
Can You Get a Prenup After Marriage?
As mentioned earlier, you cannot get a prenuptial agreement after marriage. Prenups are specifically designed to be signed before the wedding takes place, and they are intended to protect both parties if the marriage ends in divorce. The reason a prenup can’t be signed after marriage is because it is meant to provide clarity and certainty about the division of assets before the couple enters into the legal bond of marriage.
However, all is not lost if you didn’t get a prenup before your wedding. You can still protect your assets and plan for the future by creating a postnuptial agreement. A postnup works in much the same way as a prenup, but it is signed after you’re married. So, while you can’t get a prenup after marriage, you can get a postnuptial agreement, which serves the same purpose.
Why Should You Consider a Postnuptial Agreement?
You might be wondering why anyone would need a postnuptial agreement. After all, you’re already married, so why would you need to discuss what happens to your assets if things go wrong? The truth is, there are several reasons why couples may choose to create a postnup after marriage:
1. Change in Financial Circumstances
Life can change quickly, and so can your financial situation. Perhaps you or your spouse have inherited money, bought property, or started a business since getting married. A postnup can help ensure that these new assets are protected and that both parties are clear about how things will be divided if you were to separate in the future.
2. Protection of Children from Previous Relationships
If you or your spouse have children from a previous relationship, a postnuptial agreement can ensure that the children’s financial interests are protected. For example, you may want to make sure that your children from a previous marriage inherit specific assets or property.
3. Financial Disagreements
Money is one of the most common causes of arguments in relationships. If you and your spouse are having financial disagreements or if one partner feels that their assets are at risk, a postnup can provide clarity and help prevent further conflict. By setting out clear terms in the agreement, both parties can avoid unnecessary stress and potential legal battles in the future.
4. Changes in the Marriage
Sometimes, a postnup is used to address changes in the relationship itself. If, for example, one partner decides to become a stay-at-home parent, a postnup can ensure that they are protected financially in case of divorce. It can also provide a way to ensure fairness if there is a significant disparity in the income or wealth of the spouses.
5. Peace of Mind
A postnup can give both parties peace of mind. Knowing that there is a clear plan in place for the division of assets if the marriage ends can help reduce anxiety and allow you to focus on your relationship rather than worrying about the future.
What Does a Postnuptial Agreement Cover?
Like a prenuptial agreement, a postnuptial agreement can cover a wide range of financial matters. Some of the things a postnup can address include:
- Division of Property: The agreement can specify how property owned by each spouse, both individually and jointly, will be divided in the event of a divorce.
- Spousal Maintenance: If one partner is entitled to spousal maintenance (also known as alimony), a postnup can specify the amount and duration of payments.
- Pension and Retirement Assets: The division of pensions and retirement savings can be addressed in the postnup.
- Debt: The agreement can outline how debts incurred during the marriage will be divided between the spouses.
- Inheritance: A postnup can specify how any future inheritance will be treated, including whether it will be considered joint or separate property.
How Do You Get a Postnuptial Agreement?
If you decide that a postnuptial agreement is right for you, the first step is to seek legal advice from an experienced family lawyer. They will guide you through the process and ensure that the agreement is legally sound. Here are the steps involved in creating a postnuptial agreement:
- Discuss with Your Spouse: It’s essential to have an open and honest conversation with your spouse about your intentions. While it may feel uncomfortable, having a clear understanding between both parties is vital.
- Full Financial Disclosure: Both you and your spouse will need to disclose all of your financial assets and liabilities. This includes property, savings, debts, pensions, and any other relevant financial matters.
- Negotiating Terms: Once both parties have disclosed their financial information, you will need to agree on how assets and debts will be divided if the marriage ends. This might involve some negotiation to ensure fairness.
- Drafting the Agreement: A family lawyer will draft the postnuptial agreement, ensuring that it complies with the law and that it is fair to both parties.
- Independent Legal Advice: Both you and your spouse should seek independent legal advice before signing the agreement. This ensures that both parties fully understand the terms and are not under any pressure to sign.
- Sign the Agreement: Once both parties are happy with the terms and have received legal advice, you can sign the postnuptial agreement.
Can You Change a Postnuptial Agreement?
Yes, postnuptial agreements can be amended or updated if necessary. If your circumstances change, such as the birth of a child or a significant change in financial status, you can revise the agreement to reflect these changes. However, just like the original agreement, any amendments should be made in writing and signed by both parties. It’s also a good idea to seek legal advice whenever you make changes to the agreement.
Conclusion
While you cannot get a prenuptial agreement after marriage, you can create a postnuptial agreement that serves the same purpose. A postnup can provide protection for both parties, offer peace of mind, and clarify financial matters in the event of separation or divorce. If you’re considering a postnuptial agreement, it’s essential to speak to an experienced family lawyer who can guide you through the process and ensure that the agreement is fair and legally binding.
Ultimately, a postnuptial agreement is about protecting your future and ensuring that both you and your spouse are on the same page when it comes to financial matters. While it may feel uncomfortable to discuss these topics, having a clear plan in place can save you time, money, and stress if your marriage were ever to end.
