This legal contract may provide peace of mind and make your relationship stronger.
by Sofie Wise
Many people are familiar with the concept of a prenuptial agreement. But you may not be aware of postnuptial agreements. As the name implies, this legal contract is created and agreed to after entering a marriage.
Even if you feel certain about your relationship now, nobody knows what the future holds. Having a plan in place in case divorce comes into play may provide a sense of reassurance. Even better, creating a postnup may strengthen your relationship.
Below we discuss postnups in detail, including what they can cover, their benefits, how to create one on your own and when it might be appropriate to have an attorney step in to assist.
A postnuptial agreement, sometimes referred to as a postnup or post-marital agreement, is a legal contract between two spouses outlining what will happen in the event of a divorce. As the name implies, a postnuptial agreement is entered into after the marriage has been finalized.
A postnuptial agreement can cover a broad range of topics, including but not limited to:
Importantly, a postnuptial agreement typically can’t bind the parties to any agreement concerning child custody or child support. The permitted topics depend on the jurisdiction in which you reside. An experienced family law attorney can help you decide whether and how best to proceed with a postnup.
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Get StartedThere are a number of benefits for couples who choose to enter into a postnuptial agreement. Below are some examples.
Going through a divorce is often a time of uncertainty and emotional turmoil. Having a valid postnup may provide the parties with valuable clarity and clear guidelines regarding their respective rights and responsibilities moving forward. This may lead to greater peace of mind.
Many couples feel uncomfortable discussing financial, property and other related matters. However, these are important topics for individuals who intend to spend their lives together.
The process of creating a postnuptial agreement may provide an avenue for couples to discuss these issues in a relatively low-stress environment. In turn, this may improve communication between the parties and strengthen their relationship.
Perhaps one of the most important benefits of having a postnup is the ability to potentially reduce the timeframe and cost associated with litigating a divorce.
Things such as property division, spousal support and responsibility for any outstanding debts will likely need to be determined in a divorce proceeding. By establishing clear guidelines for these issues in your postnup, the proceedings may be simplified and shortened. And less time spent on a divorce generally means you’ll spend less money.
Although they’re similar, the primary difference between a prenuptial agreement and a postnuptial agreement is the timing:
There are other differences. For example, postnuptial agreements are typically viewed less favorably by courts than prenuptial agreements. Some legal experts believe there’s more potential for one spouse to coerce the other into consenting to terms they don’t actually understand or agree with, or for spouses to blindly sign a postnup. This can make postnuptial agreements more difficult to enforce than prenups.
Additionally, because a postnuptial agreement is entered into after a marriage ceremony, the commingling of assets that were previously considered separate property can sometimes make it harder to identify the property you want to protect with your postnup.
Every marriage is unique, so there’s no one way to create a postnuptial agreement. That said, couples tend to take some version of the following steps:
Generally, a postnup must meet the following criteria to be valid and enforceable:
The precise requirements vary from state to state, so check the rules in your jurisdiction or consult with an attorney in your state to ensure your agreement complies with all applicable rules.
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Get StartedCouples can create a postnuptial agreement without the assistance of a lawyer. Before doing so, though, consider the advantages and disadvantages of this.
If you choose to prepare a postnuptial agreement without the assistance of a lawyer, research the rules and requirements in your jurisdiction. Additionally, take your time to carefully draft the agreement and avoid ambiguities or unclear terms.
Even if you feel that your situation is relatively straightforward, working with an experienced family law attorney to create your postnuptial agreement may be beneficial. A lawyer may be especially helpful when there are significant assets, complex financial arrangements, potential tax implications or other complicating factors involved. These things may make it hard for you to understand the potential consequences of your agreement.
An attorney can advise you and help make sure you don’t give up important rights. They can also ensure that your postnup complies with applicable laws and protects the rights and interests of you and your family.
Our experienced team would love to help you move forward. Schedule a free 15-minute call so we can connect you with an experienced attorney.
Yes, you can create a valid postnuptial agreement without a lawyer. However, having an experienced attorney in your corner may better protect your rights. This is especially true if your spouse decides to hire an attorney and you don’t—that situation may lead to a significant disparity in bargaining power.
The cost of a postnuptial agreement currently ranges from about $1,000 to several thousand dollars. The cost depends on a variety of factors, such as the jurisdiction in which you are located and the complexity of your situation.
Nobody is legally required to create a postnuptial agreement. Nevertheless, many couples benefit from having a postnup in place, especially those who experience a significant change in their financial circumstances after they get married. For example, if one spouse starts a business after their marriage, they might want an agreement about how the business assets would be handled in the event of divorce. Another situation where you might consider a postnup is where you intended to create a prenup but didn’t get it finalized before your date of marriage. Or if changes occur after your marriage, you might use a postnup to modify terms of your existing prenup.
Disclaimer: This article is provided as general information, not legal advice, and may not reflect the current laws in your state. It does not create an attorney-client relationship and is not a substitute for seeking legal counsel based on the facts of your circumstance. No reader should act based on this article without seeking legal advice from a lawyer licensed in their state.
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