According to Investopia, a postnuptial agreement “is a legal contract signed by a married couple after the wedding. This agreement not only dictates how a couple’s assets will be divided, but it also contains numerous other provisions dictating marital conduct.” Postnups are comparable to prenups, as they address the same issues. However, this agreement is entered after a couple is married. Read about varying postnuptial situations and why they are being drafted.
The Practicality of a Postnup
After marriage, some couples may want to negotiate their division of assets. From property and bank accounts to children from a previous marriage and a profitable business, a married individual can draft a postnuptial agreement as a way to protect their income and assets. In these situations, a postnuptial agreement can also help ensure that in the event of a divorce, each spouse exits the marriage “whole,” with the holdings he or she brought in.
Reasons for a Postnup
Married couples can redefine new terms from a prenuptial agreement with a postnuptial one. If they are dissatisfied with the contract, they can work with a lawyer to draft a postnuptial. This agreement is also for couples that do not want to negotiate a prenuptial before their big day. Therefore, married couples can opt for a postnuptial once they have settled into a marital routine. On the other hand, couples considering a divorce ought to consider this agreement. It is a better option to minimize legal expenses and streamline the divorce.
Consult with a lawyer at Family Law Richard E. Young & Associates for your postnuptial agreement. We understand the process and work hard to solve your legal issues quickly and efficiently. CALL FOR A FREE INITIAL CONSULTATION (949)-951-9529 today!