A prenuptial agreement, as you may know, is a legal agreement that sets out some basic rules for how property gets divided in the event of a divorce. Couples need to sign them before they get married. They both have to agree that, once they’re married, they’ll follow those rules. For instance, some wealthy individuals use these to keep their spouse from taking any of their wealth when they split up.
A postnuptial agreement is not much different, other than timing. You sign it after you’re already married. Again, you both have to agree to it of your own free will. It also deals with financial details. So why would you use one?
In some cases, it’s just because couples believed they did not need a prenup beforehand. Maybe you didn’t feel like you had enough assets at the time. You have been very successful since the marriage, though, and you’re starting to get nervous about a potential divorce. You want to do what you can to keep your own wealth.
In other cases, people never dreamed they would get divorced, despite the divorce rate. Maybe you’ve now been married for 10 years and, though you have no plans to get divorced right away, you have a better grasp of how and why it happens. You wish you had a prenup, but it’s too late, so you can use a postnup.
When handling any type of legal contract or agreement, it is very important to know what rights you have and exactly what steps to take. That’s true with a postnup, just as with anything else. Take the time to learn where you stand and what to do next.