Prenuptial and Postnuptial Agreements
Ideally, an individual gets married without thinking about getting divorced sometime in the future. However, being prepared for this scenario is wise and could save you a lot of time and money if a marriage ends in divorce. According to Statista (2021), there were about 750,000 divorces conducted in the United States just in 2019.
With this in mind, having a prenuptial or postnuptial agreement seems like a good idea. And it is.
You may already be familiar with prenuptial agreements, but postnuptial agreements can also be an option for your marriage. Both agreements are legal documents that are signed by people who are about to get married or that are already married.
These agreements address what will happen to marital assets in the case or divorce or death of one of the partners. They may also include retirement benefits, division of financial assets, alimony payments, and spousal support.
Despite their similarities, the most important difference lies in the date on which the document is signed. The prenuptial agreement (commonly known as a prenup) is signed before a couple is married. A postnuptial agreement is signed after the marriage.
What is a Prenuptial Agreement?
As mentioned previously, this is a document made before the marriage. It is a contract where the couple determines how they will divide their assets should the marriage come to an end, or if one of them passes away.
This type of agreement is more advisable than postnuptial agreements in the sense that it is made when two people are still independent and their assets have not yet legally merged. Moreover, it is advisable to sign a prenup if one of the spouses is wealthy, expecting a large inheritance, or is entering their second or third marriage.
What is a Postnuptial Agreement?
Postnuptial agreements generally exist simply because couples did not think (or ran out of time) to sign a prenuptial agreement. The postnup can also be used to address concerns raised by a significant change in the finances of the couple or one of the spouses, such as a gift or a large inheritance. Another reason why one may consider having a postnuptial agreement is if previously unknown knowledge about one spouse´s financial situation surfaces.
Getting married and divorced are probably the most life-changing decisions in one´s life, and as such, you should always take the best legal steps guided by an experienced Family Law attorney. Russell Spatz has handled all types of prenuptial and postnuptial agreements over the last four decades. Make sure to give him a call at (305) 442-0200 or contact the Spatz Law Firm PL online to schedule a meeting.