The main difference between a prenuptial agreement and a prenuptial agreement, which is better known, is the timing of when you execute the documents. Obviously, a prenuptial agreement is something you sign before you get married. A postnuptial agreement is something you sign later, after the wedding has taken place.
Every couple deciding to protect themselves with a postnuptial agreement will have their own reasons for doing so, but there are certain reasons that are far more common than others. What are some of the typical reasons people draft marital agreements?
There is valuable property to protect
People sometimes marry well before they have much property to their names and don’t have anything to worry about protecting.
If one of them later inherits valuable property or if they start a business, the already-married couple may see the benefit in protecting those new assets and in minimizing the liability that passes to the second spouse.
The couple is on the edge of divorce
One of the more common reasons that people draft postnuptial agreements is that they have reached a difficult point in their marriage. When people aren’t sure whether they may wind up in divorce court or not, negotiating a postnuptial agreement helps guarantee that if they do go to court, they won’t spend thousands of dollars and months of their life fighting.
They can make clear decisions at a time when they are still willing to work with one another about matters like spousal support, property division and child custody. For some people, negotiating a postnuptial agreement will even let them preserve their marriage by confronting these issues head-on.
There has been significant misconduct
Has your spouse used personal property as collateral to gamble? Did you discover that they cheated on you with one of their co-workers?
A postnuptial agreement allows you to acknowledge those marital issues and plan for a possible divorce. You can also impose penalties that could help someone improve their behavior and make working on the marriage a safer option for the other spouse.
Those considering divorce and those hoping to preserve their marriages may find that a postnuptial agreement makes their situation a little better. Learning more about postnuptial agreements can help you determine if drafting one would be a good solution for you and your spouse.