Before the union between two people is officiated, many couples have taken into consideration that there’s an ever so slight chance that there could be a divorce. If a marriage does lead to divorce, even if couples don’t plan to stay divorced, people often want to know that they’ll keep any assets they brought into a marriage.
One option people get is a legal document called a prenuptial agreement which details how assets are returned to their owners and if there’s any financial support for low-income earning or unemployed spouses. For many people, prenups are made for the benefit of security, but rarely see the light of day. While prenups are greatly beneficial, they can only be made before marriage.
This can be problematic for many couples, but that shouldn’t stop people from searching for an alternative. Here’s what you should know:
What if you don’t get a prenup?
Prenups aren’t common knowledge, and because of that, many couples officiate their marriage without creating a prenup. This stops couples who find out about prenups later in marriage from protecting their assets. However, that doesn’t mean couples don’t have another option.
An alternate legal document to a prenup is a postnuptial agreement. Much like a prenup, postnups protect assets in marriage but are made after marriage.
Should you consider getting a postnuptial agreement?
Postnups benefit people who want to protect their assets after marriage or amend a prenup. This is good for couples who go into a marriage without making a prenup.
Alternatively, couples who already have prenups may want to make alterations later in a marriage. Some spouses earn a higher paying salary, inherit money or build businesses they wish were included in their prenup. That’s where a postnup comes in to amend a prenup.
Should you get a prenup or wait for a postnup?
It won’t likely harm you or your spouse to get a prenup if given the chance. In some situations, prenups help clarify the commitment and responsibilities of marriage. Even if you have a prenup, you may consider creating a postnup every few years or after large investments.
Prenups and postnups can be difficult documents to make without legal help. Even one minor mistake could leave you with an unfair property division and alimony commitment.