Understanding Prenuptials and Postnuptials

Good financial planning is so important for every marriage yet most couples don’t think about it that much until after they marry and something goes wrong. It’s important to be on the same page regarding your finances. A prenuptial agreement is one that is set up prior to the marriage while a postnuptial is set up after the marriage has already taken place. A prenup is designed to ensure that you and your spouse have a full understanding and expectation of each other’s assets and wealth. While the terms can vary it is important that you learn more about them and why they could matter to you.

Why a Postnuptial?

Even if you didn’t sign a prenuptial agreement you can still sign what is known as a postnuptial agreement. This often occurs when a couple isn’t settled on their financial arrangements until after the marriage. This is also a legal contract that covers current financial obligations and investments, assets, and more. While this is centered on finances this may also contain information about time spent socializing and time spent on other things as well. While this can eliminate business debt and obligations from the marriage it cannot wipe out the obligation one may have for child support. Both agreements should always be written even if they begin as oral agreements.

Do Marital Agreements Have to be Fair?

Should marital agreements always be fair? They should be, but that isn’t always the case. It’s important that you both agree on debts and assets and that you are both aware of what the others obligations are. These are not designed to leave your spouse out of the picture but to paint a picture of what you share. If a judge believes that you have taken advantage of your spouse the judge may throw out the agreement altogether. The laws regarding these agreements can be complicated. It’s important that if you have questions that you consult with a family or matrimonial law lawyer as soon as possible.

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