Post-nuptial agreements don’t get the same publicity as prenuptial agreements. Essentially, they are the same document except for the timing. A post-nup is signed after the wedding, a prenup before. The goal in both cases is to decide how to address certain financial matters in advance of any problems to avoid disputes and/or costly litigation later.
When Should You Get a Post-Nuptial Agreement?
If your primary source of conflict is money, a post-nuptial agreement may be beneficial. A post-nup can address financial issues that often arise during marriage, like how you will pay for personal and joint expenses, what income, assets and debts will be separate or joint, how to decide on significant purchases, and whether either of you should get spousal support. These can be significant concerns, especially when there is a big income disparity between spouses.
You can also include provisions related to spousal support and property division in the event of divorce, as well as inheritance rights if one of you dies. This is particularly important if one of you has children from a prior marriage and you want to protect both your children and your surviving spouse.
What Are the Benefits of a Post-Nuptial Agreement?
As with a prenuptial agreement, post-nups require the parties to fully disclose their finances and talk about their financial expectations and goals. This can help strengthen the marriage by encouraging honest and open discussion.
These agreements also encourage spouses to settle their differences and contemplate the future at a time when they are committed to working together to resolve their problems. Otherwise, the couple will continue to fight during marriage and possibly get divorced.
How Are Post-Nuptial Agreements a Divorce Planning Tool?
If the marriage doesn’t work out, the agreement will help minimize the time and costs associated with divorce. Since many financial issues will have been negotiated and resolved in the post-nup, litigation may not be necessary, and marital assets won’t need to be spent on court fights.
As with any contract, post-nups should be carefully negotiated and vetted by an attorney for each party to ensure they are fair and address the needs of each spouse. If you are considering a post-nuptial agreement, please contact us to find out how we can help.
