Although it may feel awkward thinking about a marriage failing at a time when it’s all going well, many people do worry about what could happen in the event of divorce. In our practice, we have found that prenuptial or postnuptial agreements can be an effective tool to solve asset division and spousal support issues by memorializing couples’ agreement on these issues while they still have a strong, connected relationship.
The major difference between prenuptial and postnuptial agreements is timing. Prenuptial agreements are signed before a couple exchanges vows, while postnuptial agreements are signed at some point during the marriage. Both types can be uncomfortable and challenging because they force couples to settle what are often very personal and difficult topics. However, they also raise important financial issues in a marriage. Both parties must disclose to each other all the money, property and debt they have and agree on how to divide assets in the event of divorce or death. They can also set out rights to spousal support during and after the marriage. The key point to remember is that like any contract, these agreements should be carefully negotiated and vetted by an attorney for each party to ensure they are fair and address the needs of each spouse.
While a prenup or postnup could be a sticky topic to introduce into your relationship, having one could save you a lot of time and money if you ever decide to separate or divorce. We seek to find the best solutions to protect our client’s interests. Please contact us to learn how we can help.