Postnuptial agreements are the newest marriage trend, providing a way for individuals to protect their assets and money even after they have already walked down the aisle. While it may seem strange to ask a spouse to sign this after the wedding, there are many reasons a postnuptial agreement is a good idea.
What is a Postnuptial Agreement?
A postnuptial agreement is a popular variant of a prenuptial agreement. They both stipulate how assets are allocated should there be a death or divorce as well as other details about maintenance, debts, obligations, and responsibilities of each partner. What differentiates the two agreements are the timing of their creation and what is required to make the agreement valid: the prenuptial agreement takes place before the wedding and the postnuptial agreement occurs after. The legal consideration for the prenuptial agreement is the wedding itself. For a postnuptial agreement, the consideration will vary depending on the facts and circumstances.
Why Sign a Postnuptial Agreement?
Many postnuptial agreements are used as a life raft for a sinking marriage. Even if it simply delays a divorce, it can be a valuable agreement as it gives the couple the opportunity to build the stipulations for separation while they are still on good terms. This lays the groundwork for a much smoother process during divorce proceedings.
Married couples seek this type of document for a variety of reasons. Whether the couple is on the brink of divorce or the parties have decided that one partner will give up a successful career to stay home with the children, a postnuptial agreement can add a sense of financial security in the event of a future separation.
Divorce can be a painful decision for any couple. However, if couples can amicably handle the financial details with a postnup after considering divorce, it can potentially alleviate some of the pain. A postnuptial agreement will set the terms and can prevent a divorce from getting messy.
Why They Might Not Work
Remember that the laws for both prenuptial and postnuptial agreements vary from state to state. Due to the inconsistent laws and lack of federal uniformity surrounding postnuptial agreements, they are not as strong as a prenuptial agreement and run the risk of not holding up in court.
When creating a postnuptial agreement, it is essential that both spouses enlist the help of a qualified family law attorney to ensure the document is legally sound.