There is a lot of talk about prenuptial agreements in our society. The “prenup” is commonplace among the celebrities so many of us watch in the media; prenups are also commonplace among men and women who aren’t in the tabloids.
But just because you and your spouse are already married and don’t have a prenuptial agreement does not mean you can’t join the forces of the many couples who rely on marital contracts in the case of divorce. Your legal option after marriage is to work with your spouse to agree to a postnuptial agreement.
If you are reading this blog post it is likely because you feel a tug of suspicion that maybe you should have created a prenup but missed the opportunity. If that is the case, assess whether a postnup might be worth creating.
The following are some questions to ask yourself to determine whether a postnup is a must:
Did you get married while already having a hefty amount in assets of your own? Maybe you got married later in life and had already secured solid financial footing. Maybe you have a large inheritance that you want to protect. If you have money that you want to protect as yours, no matter what, state that with a postnup.
Do you have children outside of this relationship? Maybe protecting the assets that you see as yours is less about you and more about the financial security of your children. If you already had kids from a different relationship and then got married without having a prenup, a postnup is a crucial tool for you. You can state that your earnings will be kept separate and protected for the security of your kids should the marriage end in divorce.
These are just a couple of reasons your situation might warrant a prenup contract. An upcoming post will add to this list. If you have any doubt regarding your financial security after marriage, your family law attorney can give you more specifics about the postnuptial agreement process.