Prenuptial agreements are common knowledge, although not every couple utilizes them. These agreements detail asset ownership, financial responsibilities in the marriage and property division in the event of a divorce. Having a prenuptial agreement may make a divorce go more smoothly because the couple has already resolved many of the issues.
What if you did not get a prenup or you revoked it later in your marriage? Is it too late to have one? The good news is that it is not, though the document you two create and sign will be a postnuptial agreement. It serves the same purpose as a prenup but does not have formal legal requirements (though it does not cover child support and custody). For this reason, you should use the services of an attorney to ensure you receive the following benefits.
1. Aiding the divorce process
Like a prenup, a postnup can help move the divorce process along by already settling the terms of property division. You will not have to argue over which assets are separate, which are marital and which each spouse gets. With this major point of contention already complete, you save time and money.
2. Preventing divorce
Many believe these marital agreements only encourage divorce, but that is not true. It creates a sense of security, relieving the stress and conflict that often arises over financial issues. This peace of mind can allow you more room to enjoy and put effort into your relationship.
3. Protecting new assets
Even if you did enter into a prenup, it cannot cover every possible scenario. You may have come into money, started a business or left the workforce to be a stay-at-home parent. A postnup can address any of these situations to ensure the protection of property and future financial security. In addition, it can ensure certain assets go to children from a previous marriage, though it does not replace proper estate plans.