While it’s become increasingly common for couples to create prenups before getting married, not as many people are aware of postnuptial agreements. These are similar documents that are created during the couple’s marriage to manage spousal assets. Married couples can create a postnup regardless of if they made a prenup before the marriage. Are you considering signing a postnuptial agreement with your spouse to ensure your assets in case of divorce? Read on or reach out to a Tazewell County Prenuptial Agreement Lawyer to find out how a postnup can be beneficial to you.
WHAT IS A POSTNUPTIAL AGREEMENT?
As the names suggest, a prenuptial agreement is established by couples before marriage while a postnuptial agreement is created after the couple is already married. A postnup can either be an amendment to a prenup or an entirely new document detailing how marital assets would be distributed during a divorce. Not all postnups are legally binding, especially if the spouses make one while already years into their marriage once they’ve formed trust between each other. Unofficial postnups occur most often when a couple is going through a rough patch in their marriage and wants to prepare in case it leads to a divorce. While unofficial postnups cannot be legally enforced during the divorce process, the documents can be referred to by divorcing spouses when deciding how to split the assets.
WHY DO SPOUSES SIGN POSTNUPTIAL AGREEMENTS?
There are many different reasons that spouses may decide to create and sign a postnuptial agreement. Many circumstances in a couple’s life change once they are married, so a prenup created before the marriage can become inaccurate once the couple is married for even just a few years. For example, if one spouse unexpectantly begins earning a much higher salary than their spouse, then this could affect how assets are divided between spouses. If a married couple decides to create a postnup during a rough patch in their marriage, establishing the document can open the conversation between spouses to work through their financial issues. Even if they end up divorcing, they’ll have the postnup (official or not) to refer back to when splitting marital property. Postnuptial agreements can also be used to outline how spouses can become financially independent even if they’re still married.
After reading this blog, you might consider establishing a postnuptial agreement with your spouse in case of divorce. You’ll likely want to speak with an experienced divorce attorney to guide you through this process. No need to worry because Butler, Giruado & Meister, P.C. is here for you! Contact one of our trusted and compassionate lawyers today for quality legal counseling.