Didn’t get a Pre-Nup? How about a Post-Nup?

A post-nuptial agreement is just like it sounds. It’s similar to a pre-nuptial agreement, only it’s done after marriage. It is a contract signed by two parties in a marriage or civil union that discusses division of assets in case of divorce or separation. It has much in common with a pre-nuptial agreement, one of the most significant differences, of course, is that its signed by parties who are already married. It’s also not universally accepted in a court of law.

A post-nuptial agreement may be pursued if there is a significant change in the partnership. For example, a parent that puts their career on hold to raise children at home might request a post-nuptial in an effort to guarantee future financial security, including making up for lost wages and missed career advancement. If one partner receives or is due to receive an inheritance, they may want to protect that money. If spouses start a business together they may want to establish a legally binding plan in case of divorce. Post-nuptial agreements can also be used to protect assets to be left to children from other unions.

The idea of talking about the possible eventuality of a divorce during the planning stages of a wedding can seem ludicrous, bad luck, or unnecessary. But as the realities of married life set in many couples may see the merit of having a legal back up to financial worst-case scenarios, such as how debt incurred during a marriage could be divided.

Negotiating financial issues with your spouse can be challenging in the best of times. When you’re under stress or facing uncertainty, it helps to have a professional’s opinion. An experienced family lawyer can help you explore your options and determine if a post-nuptial agreement is right for you.

 

Sources:

Do You Need A Post Nuptial Agreement?, www.usatoday.com, AJ Smith, 15 Feb 2015

Forget the Prenup: Why You May Need a Postnuptial Agreement, http://abcnews.go.com, AJ Smith, 16 Feb 2015