Before you got married you may have thought about getting a prenuptial agreement but decided against it. Perhaps it seemed unromantic or a sign of a lack of trust in your soon-to-be spouse. Or, maybe with all that goes into planning a wedding you simply never got around to it. At first, it may not seem like such a big deal, and you set the notion aside.
Now, however, you are married and are concerned about how your financial future will look if you divorce. At this time, you may want to consider executing a postnuptial agreement even if your marriage is solid, but especially if you are worried about its future.
What is a postnup?
A postnup is essentially the same as a prenup but it is executed while you are married, not before. A postnup can outline who owns what should you divorce. It can also lay out responsibilities regarding your finances during your marriage. Postnups cannot address child custody or child support issues. These must be settled through state law.
Postnups have some advantages. Postnups can establish rights in advance of a separation. Postnups can address inheritance rights. Postnups can also allow a party to waive inheritance rights.
How to make a postnup enforceable
While each state has its own laws regarding postnups, postnup must meet these five general elements.
First, a postnup must be made in writing. Both spouses must voluntarily enter into the agreement. All assets and liabilities must be fully disclosed when the postnup is executed. The terms of the postnup must not be unconscionable. Finally, both spouses must sign the postnup.
Postnups can ultimately be as useful as prenups. Each document serves as a means of making a possible divorce run as smoothly as possible. They may not be romantic, but they are the act of responsible couples who view their relationship pragmatically.
