What is a postnuptial agreement and why should I consider one?

What is a postnuptial agreement and why should I consider one?

Many people in the Daytona Beach area may have heard of prenuptial agreements, and they may have executed one prior to marriage. However, are there any similar options for couples who married without a prenup? There is. Couples in such situations may want to consider executing a postnuptial agreement.

Postnuptial agreements are similar to prenuptial agreements

A postnuptial agreement, like a prenup, is a contract each partner agrees to that contains information about how monetary issues will be handled in a divorce, as well as other issues that may present themselves during the course of the marriage. However, unlike prenups, postnuptial agreements are executed after a couple is married.

Postnuptial agreements may be attractive if one or both partners discussed getting a prenup prior to marriage, but never did so and now wants to protect their assets.

What can postnuptial agreements contain?

Postnuptial agreements can address many of the same divorce legal issues that prenups can include, including provisions on property division and spousal support.

Postnuptial agreements can also include inheritance provisions for children from a previous marriage who may be left out of an inheritance if all assets were to go to the partner’s current spouse.

Postnuptial agreements can also be an attractive option if one partner is staying out of the workforce to care for the family. This person may be at a financial disadvantage in a divorce, but a postnuptial agreement can include provisions that will protect them financially if their marriage does not last.

Postnuptial agreements have a place even in a healthy marriage

Are postnuptial agreements romantic? No. However, postnuptial agreements are practical even if a couple’s marriage is strong. After all, no one can tell what the future will bring. Postnuptial agreements offer a measure of security should the unexpected, like divorce or death, happen.