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When is a postnuptial agreement a good idea?

| Jul 8, 2020 | Firm News

Marriage is about starting a life with a partner. Regardless of who you are or how you met, you want the relationship to succeed.

Often, couples view prenuptial agreements as a negative start to the relationship. Even those who feel like the agreement is necessary can feel like they are planning for the relationship to fail.

Marital agreements help couples plan ahead. Just like buying car insurance does not mean you are planning to crash your vehicle; creating a prenuptial or postnuptial agreement does not mean you are getting a divorce. The agreement simply means you are prepared.

Here’s what you should know about postnuptial agreements and when they are a helpful tool.

Ready if you need it

When a partnership goes wrong, it often brings out the worst in people. Someone who would have thought logically about dividing assets during good times may not see things as clearly during a divorce.

A postnuptial agreement allows you and your spouse to collaborate on what asset division would look like if you were to get a divorce. Rather than having the emotional lows that can come with divorce, you can make decisions based on what you think is fair and in the best interests of each other.

Amend a current prenuptial agreement

A postnuptial agreement is not only for couples who decide after the marriage that they want to collaborate on an agreement. You can use a postnuptial agreement to update a premarital agreement that does not account for how your situation has changed since you got married.

Depending on what has changed since you got married, you may want to look at what assets you acquired and how they could impact your agreement.

Just because you have it doesn’t mean you’ll use it

Regardless of the type of agreement, there is no obligation to use it. It merely means you and your spouse are prepared.

A postnuptial agreement will not help you if it is not enforceable. As you create your agreement, it is essential to talk to a trained professional who can guide you through the steps.

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